The glory days for Pfizer's Viagra are winding down in the U.S., and now, another generics company has the go-ahead to help pave the way for the drug's demise.
When Mylan offered to buy Perrigo for $205 per share last Wednesday, the brewing $29 billion bid was hailed as the giant generics deal Wall Street has been anticipating. But this deal has an animal health angle too: If Mylan pulls it off, the acquisition will mark its entry into the veterinary market.
More than a couple of analysts agree that there may be a company out there that's after Mylan--and that that could have prompted the company's $28.9 billion bid for Ireland's Perrigo. But now that Mylan's made its offer, could that spur other Perrigo offers, too?
Since Mylan went public on Wednesday with a $205-per-share buyout offer for Ireland's Perrigo, analysts have been weighing the pros and cons of a tie-up between the two generics makers. But there's one thing at least a few of them agree on: The $29 billion bid has to be a response to other M&A action going on behind the scenes.
Generics specialist Mylan has zeroed in on the big buyout everyone's been waiting for. The Pittsburgh-based drugmaker offered $205 per share for Perrigo, the over-the-counter drugmaker that just closed its own $4.5 billion deal for Belgium's Omega Pharma.
Mylan is recalling two sterile injectable drugs made in India, including 6 lots of an injectable blood pressure med that it began retrieving after testing found that it might be subpotent and that it missed specifications for impurities and degradation. The second drug is being recalling over a packaging issue.
Abbott Laboratories is selling off one-third of the stake in Mylan it acquired through last year's stock swap, a few weeks after Mylan wrapped up its $5.3 billion buyout of Abbott's portfolio of specialty and branded drugs.
Heard the Teva-Mylan takeover rumors? Forget them, one analyst says.
A problem with a supplier in India has led Mylan to voluntarily recall a cancer drug in Canada. The maker of generic drugs has recalled one lot of methotrexate injection after the discovery of particulate in a unit.
Rumors have been floating around for months that pickup-hungry Teva may be looking to buy generics competitor Mylan. Some analysts have dismissed the idea, pointing to reasons a buyout wouldn't work. But with the deal talk persisting, at least one analyst says the underlying logic for a tie-up is sound--as long as it doesn't happen right away.