Teva files premerger notification of its proposed Mylan acquisition

JERUSALEM — Teva Pharmaceutical Industries on Wednesday announced that it has filed for premerger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with the Department of Justice Antitrust Division and the Federal Trade Commission regarding its proposed acquisition of Mylan. As announced on April 21, 2015, Teva proposed to acquire Mylan for $82 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock. Teva's proposal for Mylan implies a total equity value of approximately $43 billion and an enterprise value of approximately $50 billion.

 

The Teva board and management team are committed to consummating a transaction as soon as possible. Teva has carefully studied the regulatory aspects of a combination of Teva and Mylan, in conjunction with its advisors. Teva is confident that it would be able to structure a transaction that would not contain material impediments to closing and that it can determine and promptly implement divestitures, as necessary, to gain regulatory clearances. 

 

Teva intends to work cooperatively with antitrust authorities and expects that the proposed transaction can be completed by year-end 2015. 

 

Teva's proposal provides Mylan stockholders with a more attractive alternative to Mylan's proposed $29 billion acquisition of Perrigo, which Perrigo formally rejected Tuesday afternoon, as well as to Mylan on a standalone basis. 

 

Barclays and Greenhill are serving as financial advisors to Teva. Kirkland & Ellis and Tulchinsky Stern Marciano Cohen Levitski are serving as legal counsel to Teva, with De Brauw Blackstone Westbroek and Loyens & Loeff acting as legal advisors in the Netherlands.