Mylan head dismisses Teva merger

Mylan’s executive chairman Robert Coury has issued a statement confirming that his company and Teva will not merge.

Bloomberg reported last week that, according to people with knowledge of the matter, Teva was considering taking over the fellow generic drug maker, though it had not made a final approach.

“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 on Friday (April 17).

“Further, there would be significant overlap in the companies’ businesses and we believe that it is unlikely that any such combination could obtain antitrust regulatory clearances.”

According to the Financial Times, analysts have been speculating about Teva making a takeover bid since Mylan made an offer of $28.9 billion to acquire Ireland-based consumer pharmaceuticals company Perrigo earlier this month. If the deal between Mylan and Perrigo is completed, it would create a company worth nearly $60 billion.

Coury continued: “Mylan is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo, and the speculation [about Teva acquiring Mylan] has no impact whatsoever on this strategy.”

A spokesperson for Teva told LSIPR that the company does not comment on market rumour.

Coury concluded: “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.”