Mylan goes big with $29 billion offer to buy Perrigo

Fortune

Generic drugmaker Mylan has proposed buying Perrigo for about $29 billion in cash and stock in what would be the biggest pharmaceutical deal of the year so far.

Mylan [fortune-stock symbol= »MYL »] will pay $205 per share in cash and stock for the Ireland-based drugmaker, representing a 24.2% premium over its closing price Tuesday. The deal would create a generic medicine powerhouse, giving the combined company critical mass in specialty brands, generics, and over-the-counter and nutritional products. Together, the two companies would have about $15.3 billion in 2014 sales.

« This proposal is the culmination of a number of prior discussions between Mylan and Perrigo about the compelling strategic and financial logic of this combination, » Robert Coury, Mylan’s executive chairman, said in a statement.

This is Mylan’s second deal in nine months. The UK-based drugmaker acquired Abbott Laboratories in July for $5.3 billion, intending to move its tax address to the Netherlands…

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