MORGANTOWN, W.Va. — The Israeli pharmaceutical company pushing for a buyout of drug maker Mylan Pharmaceuticals dropped its bid according to reports Monday afternoon.
Teva Pharmaceutical Industries will instead buy Dublin-based Allergan’s generic drug business.
In a Reuters article, Gilad Alper, an analyst at brokerage Excellence Nessuah, commented, “Allergan’s business is more high-end (than Mylan). It’s a more interesting business … a profitable business and it’s well managed.”
Teva will pay a $500 million more for Allergan than was offered in the hostile bid for Mylan.
Mylan had called the $40 billion dollar offer an unsolicited expression of interest and issued a statement Monday.
Mylan Executive Chairman Robert J. Coury stated: “We congratulate Teva on their agreement to acquire Allergan’s generics business and welcome their continued, and potentially enhanced, commitment to the generics industry. As Teva continues to move forward with their strategy, Mylan’s strategic focus remains unchanged.”
Mylan has continued interest in purchasing Irish company Perrigo.
Mylan has a large plant and office in Morgantown.