Earlier this month, Perrigo shareholders spurned a hostile buyout attempt from Mylan. And now, the Netherlands-based company may have to go up against its former target if it wants to pursue a replacement buy.
Fallout from the scandal engulfing Valeant has hit Meda, which outlicensed the North American rights to a pair of dermatology drugs to the troubled specialty pharma company in 2011. But while Meda has acknowledged that the royalties it receives from Valeant are set to fall by 50%, management has dismissed the possibility of the decline holding back its M&A strategy.
With pharma M&A growing at a steady clip, pressure from activist shareholders is also reaching new heights. But drugmakers have a few tricks up their sleeve for warding off the unwanted attention, including blacklisting firms to prevent them from taking a stake in the company once a deal goes through.
Pharma's longest-running takeover battle of the year has come to an end--and not in pursuer Mylan's favor. The company has failed to garner the support necessary for a takeover of Perrigo, a target it's been pursuing since April. As of 8 a.m. Friday, about 40% of Perrigo's shares had been tendered, Mylan said, missing the 50% threshold necessary for it to push forward with the transaction.
Pfizer is recalling thousands of bottles of its anxiety drug Xanax, saying the drug may not be strong enough.
Last week, Sanofi pulled the main competitor to Mylan's Epipen--Auvi-Q--from the market on concerns that the pens might be delivering inaccurate doses.
Mylan may have just caught a big break. Sanofi pulled the main competitor for Epipen--Auvi-Q--from the market, a turn of events that should keep Mylan dominating the epinephrine injection field.
Sanofi is recalling all of its epinephrine injector devices from the U.S. and Canada, a potentially costly setback for the company as it competes for market share with rival drugmaker Mylan.
Mylan has swept aside one of the legal hurdles set up by Perrigo, which has been fighting on two continents to try to derail Mylan's takeover of the generics competitor.
Perrigo has railed repeatedly against Mylan's hostile takeover bid and introduced massive cost-cuts and streamlining efforts to try to keep its shareholders loyal. Its next step in fending off its unwanted suitor? Heading to Israel.