After pursuing a pay-for-delay case against Teva's Cephalon unit for years, the Federal Trade Commission has forced the drugmaker to hand over $1.2 billion in past profits.
Last year, Mylan forked over millions to cover its top execs' tax liability on its deal with Abbott Laboratories, which shifted its tax domicile to Europe. Investors weren't so lucky--and now, they may take another tax hit if Mylan joins up with suitor Teva.
Teva Pharmaceutical Industries' Croatia-based operating unit Pliva manufactures in Eastern Europe but supplies some of Teva's drugs for the U.S. market. Among those drugs is fluoxetine, a generic version of the antidepressants Sarafem and Prozac, and Teva is having to recall three lots of the product made by Pliva because of contamination.
So far, Perrigo hasn't seemed too keen on selling itself to generics giant Mylan. It's rejected the U.S. drugmaker three times. But word has it that Perrigo tried to link arms with another generics giant on the block--and that's Mylan suitor Teva.
Four out of 5 drugmakers sued by the city of Chicago escaped the lawsuit, thanks to a Friday court ruling. The case against Purdue Pharma, however, will go on--albeit in a diminished way.
Mylan Chairman Robert Coury has said more than once that Mylan isn't interested in selling itself to Teva. A deal for Mylan to buy its pursuer, though? That's a different story.
Late last month, Teva kicked off a roadshow to meet shareholders of its buyout target, Mylan, and find out what price it'll need to put forth to convince them to support a deal. As Mylan starts up its own roadshow, its message is clear: It's categorically opposed to a tie-up with the Israeli drugmaker, and investors can't force one, either.
Teva Pharmaceutical Industries is voluntarily recalling 8 lots of Adrucil, its version of the generic cancer treatment fluorouracil. The drugmaker said the recall was initiated after particulate was found in some vials that it identified as an aggregate of silicone rubber pieces from a filler diaphragm and fluorouracil crystals.
Generics makers have been champing at the bit to get a copy out of Teva's Copaxone, the best-selling multiple sclerosis med that generated $4.2 billion in revenue last year. But according to Momenta CEO Craig Wheeler, his company's version--a joint effort with partner Sandoz, Novartis' generics unit--may be the only knockoff around for a while.
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.