Forget everything you thought you knew last week about some of the generics industry's biggest players. Teva is no longer enmeshed in a hostile pursuit of rival Mylan, and Allergan is no longer touting its status as a hybrid brand-and-generics specialist. Instead, they're teaming up with one another.
Wannabe acquirer Teva has built up a 4.6% stake in generics rival Mylan--and that's enough for the newly Dutch pharma. Mylan's independent foundation--known in Dutch as a stichting--has exercised an option to acquire shares that let it control 50% of the company, part of its plan to fend off a hostile takeover.
Mylan put the word out in April that healthcare providers that had any of the 10-mL prefilled syringes of calcium chloride infusion from 14 specific lots manufactured for Amneal needed to return them. In June it sent out a reminder of the recall. This week, Mylan again asked providers to check their storerooms and crash boxes after learning some of the syringes are still being used.
Mylan is dead set against a buyout bid from generics rival Teva Pharmaceutical Industries. But some U.S. consumer groups are spooked by the very talk of a deal, and they're lobbying the Federal Trade Commission against it.
Back in late 2013, Mylan moved into a new headquarters in an office park near Pittsburgh--a 5-story building for about 700 employees.
Last month, Mylan Chairman Robert Coury challenged suitor Teva to either put up a formal bid or step aside and let his company proceed with its plan to pursue its own target, Perrigo. And he may be getting what he asked for.
Perrigo was none too fond of Mylan's most recent offer when it made it back in April. Yet it looks like that's the one Mylan's sticking with--at least for now.
Mylan is sending its CFO, John Sheehan, on the road in Israel.
Teva has upped its Mylan stake yet again--this time, passing a critical threshold that could help it pose a legal challenge to its generics rival.
On Thursday, Momenta and Novartis' Sandoz launched their copy of Teva blockbuster Copaxone after a U.S. court nixed the multiple sclerosis drug's patent for the second time. Industry watchers largely expected the move, Bernstein's Ronny Gal wrote in a note to clients. The real question? When Mylan will enter the market with its own copy.