As expected, Teva on Tuesday announced a proposal to acquire Mylan for roughly $40 billion in a cash-and-stock deal. Bloomberg News reported that the Israeli drugmaker was considering a bid for Mylan, which has publicly stated it is not interested in being acquired by Teva and announced plans earlier this month for its own takeover of Perrigo Company. But if the deal were to go through, the combined company would be a giant in the generic drug industry, generating annual revenues of $30 billion.

A start-up called Color Genomics said it will sell BRCA genetic tests for $249, which is significantly less expensive than the thousands of dollars laboratory companies typically charge for the tests, according to Forbes. Women with BRCA1 and BRCA2 gene mutations have a higher risk of breast and ovarian cancers. The tests used to cost about $3,400 but several companies including Ambry Genetics and Quest Diagnostics have introduced cheaper versions since the Supreme Court ruled in 2013 that Myriad Genetics could not patent naturally occurring DNA.

Teva paid $512 million to settle allegations that it paid generic drugmakers to keep cheaper versions of narcolepsy drug Provigil off the market, according to The New York Times. It’s the largest settlement paid to direct purchasers of drugs that had sued Teva over the pay-for-delay deal.

Actavis, which recently completed its acquisition of Allergan, said the FDA expanded Botox’s indication to the 1.8 million American adults with upper limb spasticity. Botox is now the only neurotoxin approved to treat this condition, according to Pharmacy Times.

Belgium and the Netherlands said they will jointly purchase rare-disease drugs in an effort to drive down costs, Reuters reported. The combined purchasing power is expected to help the countries lower the prices they pay for costly drugs used to treat patients with rare diseases.