Mylan plans to acquire OTC and generic drugmaker Perrigo
Mylan made a proposal to acquire OTC and generic pharma manufacturer Perrigo Company, the drugmaker said in a statement Wednesday.
The Wall Street Journal said the offer is worth about $30 billion. Perrigo stated that 55% of its total sales in 2014 came from its consumer healthcare segment, which includes store brands in pharmacy stores, amounting to $2.2 billion.
Mylan Executive Chairman Robert Coury wrote in a letter to Perrigo CEO Joseph Papa of the “compelling logic of the transaction,” including creating “an attractive, diversified portfolio with critical mass across generics, OTC, specialty brands and nutritionals.”
Both drugmakers have made billion-dollar acquisitions in the past two years. Perrigo acquired Dublin-based Elan Pharmaceuticals in December 2013 for $9.5 billion in a tax-saving redomicile maneuver, while Mylan acquired a portion of Abbott's generic business in July for $5.3 billion.