Mylan Chairman Robert Coury has said loud and clear that he doesn't think a tie-up with generics rival Teva is a good idea. But he's not the only one who wants his voice heard.
Teva Pharmaceutical Industries said it has completed its $3.2 billion acquisition of Auspex Pharmaceuticals, a U.S.-based biopharmaceutical company specializing in development of nervous-system therapies.
Mylan may be demanding more than $100 per share from suitor Teva if it wants to talk takeover. But for itself--and its executives--its expectations aren't nearly that high.
Since before Teva even made its now-rejected $40 billion offer to buy Mylan, its target's exec chairman, Robert Coury, has been pretty down on the idea, citing a potential culture clash between the two companies. While Teva CEO Erez Vigodman has said he thinks they'd get along just fine, the rival drugmakers do have a few big differences between them--including their approach to executive compensation.
Hold it right there, Mylan, Teva said in a Wednesday letter to that company's executive chairman. A couple days after receiving a scathing rejection to its $40 billion buyout bid, the Israeli drugmaker has a few things it wants to set straight.
Of the 31 drugs shortages listed in the last couple of months, Mylan was a producer of 9 of them and Teva of 5 and in two cases, they both produced the same drug, the supplies of which were limited in some fashion. And if Teva is able to convince Mylan to join forces, this kind of information will be crucial to a review by antitrust regulators.
With Mylan's second bid for Perrigo, it actually hit below the first bid the Irish drugmaker rejected, Perrigo contended. But now, Mylan is back with a third offer to set things straight.
Mylan is recalling 8 lots of injectable cancer drugs, most of them manufactured for Pfizer, after particulate was discovered in vials.
On Monday, Mylan slapped Teva with a laundry list of reasons it wasn't interested in a tie-up. But for Mylan, the problems with a get-together go beyond the business--and Chairman Robert Coury said as much before the Israeli drugmaker came forth with its $40 billion bid.
On Friday, Mylan all but rejected Teva's takeover bid with its own sweetened bid for Ireland's Perrigo. But now, it's made the snub official, delivering a resounding "no" to its generics rival.