Will Mylan's $29B bid spur other Perrigo suitors to enter the fray?

More than a couple of analysts agree that there may be a company out there that's after Mylan ($MYL)--and that that could have prompted the company's $28.9 billion bid for Ireland's Perrigo ($PRGO). But now that Mylan's made its offer, could that spur other Perrigo offers, too?

According to Bloomberg, yes. Mylan's proposal values the Dublin drugmaker at 26 times EBITDA, it notes--and while that's high, it's lower than the 30-plus times EBITDA other suitors have been willing to put forth for targets since pharma's deal frenzy began.

Mylan CEO Heather Bresch

As far as candidates likely to step in, Bernstein analyst Ronny Gal told Bloomberg he could see Johnson & Johnson ($JNJ)--which, like Perrigo, sells to drug stores--or health-products distributor AmerisourceBergen ($ABC) getting involved. And then there are the known pickup-scouters out there: Pfizer ($PFE), which could still be on the prowl after swallowing Hospira ($HSP), and the ever-deal-seeking Valeant ($VRX).

The way Albert Fried & Co.'s Sachin Shah sees it, Valeant could probably afford to make the largest offer of the bunch, thanks to its favorable tax structure, he told Bloomberg. But then again, Perrigo could also shake things up by going after its own buyout--or trying to buy Mylan itself.

Perrigo hasn't been shy about going after buyouts lately. Last November, it inked a pact to snatch up Belgium's Omega Pharma, reportedly shoving aside big-name competitors like Sanofi ($SNY) and Boehringer Ingelheim. And in 2013, the company shelled out $8.6 billion for Elan, a move that allowed it to complete a tax inversion.

If Perrigo were to try to turn the tables, it wouldn't be the only drugmaker pursuing Mylan, analysts figure. Last week, Mylan put a poison pill plan into place, and that move--in combination with the Perrigo bid--suggests it has another company hot on its trail, ISI Group analyst Umer Raffat wrote in a recent note to investors. Bernstein analyst Tim Anderson suspects it was fellow generics giant Teva ($TEVA), the longtime subject of Mylan tie-up rumors.

Special Report: Top 10 generics makers by 2012 revenue - Mylan - Teva | The 25 most influential people in biopharma today - Timothy Anderson

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