Shares of drugmaker Mylan are going wild after news of a possible buyout
Shares of Mylan pharmaceuticals spiked by as much as 10% in pre-market trading following reports that it may be involved in the largest takeover deal in the industry this year.
Teva pharmaceuticals is preparing an unsolicited offer for the drugmaker and could announce the proposal as soon as Tuesday, according to Bloomberg.
The details are not final and it's still possible that the deal could fall apart, Bloomberg reported.
Teva shares rose by more than 3% in pre-market trading.
Mylan's chairman Robert Coury released a statement last week on initial reports of the deal, saying:
"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. 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."
Coury added that if the company was actually approached, its board will consider the deal in the best interests of stockholders.
There have already been a number of huge buyout offers and deals among pharmaceuticals and biotechs this year.
Mylan offered to buy Perrigo for $205 per share in a deal worth $28.9 billion.
And late last month, Teva Pharmaceuticals announced it will acquire Auspex Pharmaceuticals at $101 per share in cash.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore