|Perrigo CEO Joseph Papa|
Perrigo may be embroiled in a takeover fight with pursuer Mylan ($MYL), but that hasn't stopped it from pursuing tie-ups of its own--even $1 billion-plus buys.
"We, as a company, are very active in M&A," CEO Joseph Papa told Bloomberg. "We're going to continue to do more deals."
While there's distinct potential for buyouts in the $100 million to $1 billion range, "it doesn't mean we won't look at even larger transactions," he told the news service.
Perrigo has lately been an active player in the M&A arena, in June inking an all-cash deal for a portfolio of older OTC products from market leader GlaxoSmithKline ($GSK). That move followed last year's $4.5 billion deal for Belgium's Omega Pharma and 2013's $8.6 billion transaction for Elan, which allowed the company to complete a tax inversion.
As Bloomberg notes, though, the Irish Takeover Panel could rein Perrigo in if the body decides the company is aiming specifically to block Mylan in its attempts to acquire the company. Perrigo hasn't been shy about saying it doesn't want to be Mylan's next target, slamming the drugmaker's proposal repeatedly and questioning its leaders' "very troubling corporate governance values."
Mylan, though, has stood by its offer, and Friday, its shareholders will get the chance to decide whether the attempted hostile takeover moves forward. If its own shareholders approve, Mylan's leaders are "confident that Perrigo shareholders will then support this transaction given the opportunities for value-creation presented by the combination," Chairman Robert Coury said in a Tuesday statement.
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