MORGANTOWN, W.Va. — Mylan has announced the pharmaceutical company’s shareholders approve the proposed purchase of Perrigo Company.
At a general meeting Friday, two-thirds of voting shareholders agreed with plans to purchase the drug maker and issue Mylan ordinary shares to Perrigo’s shareholders.
A $36.5 billion bid has been proposed for a hostile takeover of the Irish company. That’s up from an earlier $33 billion bid.
“We sincerely appreciate our shareholders’ overwhelming support of this transaction, as well as their support of Mylan’s ongoing strategy. We believe the vote underscores shareholders’ clear understanding of, and support for, the strategic rationale and potential for value creation inherent in the combination of Mylan and Perrigo. We look forward to launching our formal offer directly to Perrigo shareholders in the coming weeks, and we are very confident that they too will support this unique and compelling transaction,” said Mylan’s Executive Chairman Robert J. Coury.
Earlier this week, Perrigo’s Chief Executive Officer Joe Papa told Bloomberg the company works best on its own. Papa said the company is considering acquisitions of other medical and pharmaceutical companies.
In April, Mylan announced formal, legally binding plans to buyout the company under Irish takeover rules.