Mylan NV said it has gotten regulatory approval from the
European Commission to move ahead with its planned purchase of
Perrigo Co., the latest advancement in a saga of recent drug maker
consolidation.
Mylan had proposed in April to buy rival Perrigo for $28.9
billion, as it tried to stay ahead of the frantic deal making that
has been reshaping the drug industry. A combination of Mylan and
Perrigo would create one of the world's top sellers of low-price
medicines, with more than $15 billion in yearly sales.
But Teva Pharmaceutical Industries Ltd. emerged in pursuit of
Mylan later in April, making a $40 billion offer to swallow the
company. A tug of war ensued, but earlier this week, Teva opted to
buy the generics business of Allergan PLC for $40.5 billion—leaving
Mylan free to move ahead with the Perrigo transaction.
Mylan Executive Chairman Robert Coury said in a statement
Wednesday that the approval "serves as further affirmation of the
sound industrial logic of this compelling combination." He said he
expects the transaction to be completed "in the coming months."
Shares of Mylan and Perrigo were inactive premarket.
Write to Nathan Becker at nathan.becker@wsj.com
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