Two years after Mylan Inc. completed a $6.8 billion deal for Merck KGaA's worldwide generic drug business, CEO Robert J. Coury is looking for deals to acquire makers of brand-name drugs.
It isn't the first time. In 2005, Coury was prevented from completing a $4 billion deal to purchase brand-name drug manufacturer King Pharmaceuticals Inc. by Mylan's then-largest shareholder, billionaire investor Carl Icahn.
But the need is growing for an additional brand-name drug business to complement Mylan's small, but profitable Dey LP subsidiary, which develops, manufactures and markets airway and allergy medications. On Thursday, Coury admitted he is looking, when asked by financial analysts during a conference call on Mylan's financial results and in a phone interview.
During the past 24 months, Mylan has been busy digesting its acquisition of Merck KGaA and pharmaceutical ingredient maker Matrix, a process Coury yesterday compared to a "huge splash going straight into the air."
"For the last six months ... there's been a settling of the water," Coury said. "Like Cowen & Co. analyst Ken Cacciatore said during the conference call, moving more into brand names is the next place …