MORGANTOWN, W.Va. — Generic drug manufacturer Mylan has publicly snubbed a $40 billion proposed purchase by Israeli company Teva.
West Virginia’s fifth-largest private employer, with a manufacturing plant in Morgantown, is in the middle of international discussions to be bought by Teva and to buy-out an Irish drug maker.
Monday, the company released a statement on its website indicating Mylan board members have no interest in proposing a sale to company shareholders.
In the release, Mylan Executive Chairman Robert J. Coury commented, “Our Board has a very important fiduciary obligation to protect the best interests of the Company’s shareholders and other stakeholders, and has always been open to considering all paths forward in that regard, and this situation is no different. However, that does not mean we will entertain offers that grossly undervalue the company, and leave our shareholders and other stakeholders exposed to serious risk”
Industry leaders have said Teva wants to eliminate Mylan as a generic competitor of one of its most marketed drugs to treat multiple sclerosis.
Meanwhile, Friday, Irish company, Perrigo, reportedly rejected an increased offer from Mylan to acquire that company.
Perrigo officials had said an initial $28.9 billion dollar offer was a low ball offer. They also did not accept an increased $33 billion offer.
Mylan remains committed to its firm offer for Perrigo.