Mylan downplays report of potential Teva bid; 'fully committed' to stand-alone strategy, Perrigo proposal
Mylan N.V. (NASDAQ: MYL) is being sized up by Teva Pharmaceutical (NYSE:TEVA), although the Israel-based company has not made a formal acquisition approach as of now, according to a newswire report.
Bloomberg News cited people with knowledge of the situation as saying Teva has approached advisors and potential lenders. It noted that Teva is still debating whether to pursue the deal, and could decide not to make a play.
Mylan Chairman Robert Coury issued a statement today saying the company is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo (NYSE:PRGO), and said "today's speculation has no impact whatsoever on this strategy."
"We have studied the potential combination of Mylan and Teva for some time and we believe it is clear that such a combination is without sound industrial logic or cultural fit," Coury said. "Further, there would be significant overlap in the companies' businesses and we believe that it is unlikely that any such combination could obtain anti-trust regulatory clearances."
The statement included a fiduciary statement indicating that Mylan's board would carefully consider an offer offer to acquire Mylan should it materialize. "We do not intend to comment further on media speculation and will maintain our unwavering focus on executing on our business plan and concluding a successful transaction with Perrigo," the company said.