Newspaper article Charleston Gazette Mail

Mylan Moves Ahead after Buyout Dodge ; Drugmaker Gets OK to Purchase Outfit Based in Ireland

Newspaper article Charleston Gazette Mail

Mylan Moves Ahead after Buyout Dodge ; Drugmaker Gets OK to Purchase Outfit Based in Ireland

Article excerpt

The pharmaceutical industry is witnessing an era of consolidation, and Mylan - the multinational manufacturer of generic pharmaceuticals with operations in Morgantown - is battling to stay competitive. In the past four months, Mylan has fought off an attempted takeover by Israel-based Teva Pharmaceutical Industries and is preparing to finalize its own multibillion-dollar buyout of Perrigo Co., a pharmaceuticals manufacturer based in Ireland.

On Wednesday, Mylan, which employs more than 3,000 people in West Virginia and about 30,000 worldwide, got permission from the European Commission to go ahead with the proposed purchase of Perrigo, the world's largest manufacturer of over-the-counter medicine and supplier of baby formula.

If Mylan's shareholders approve the $32.7 billion deal on Aug. 28, the acquisition could bolster Mylan's market share and position it to compete with other companies like Teva, which last month completed a $40.5 billion deal to buy Allergan, another Ireland- based pharmaceutical company.

Together, Mylan and Perrigo make up around $15.3 billion in pharmaceutical and medical supply sales in 2014, according to a company news release. And if the companies combine operations, Mylan officials expect to save nearly $800 million over four years due to efficiencies gained by the merger. Mylan officials said the proposed merger would create a "one-of-a-kind global health-care company.

"Combining Mylan and Perrigo will create a unique infrastructure that is able to maximize on evolving industry dynamics and capitalize on key trends, said Robert Coury, Mylan's executive chairman. "Further, the complementary cultures and strategies of these two businesses will enable us to redefine how health care is delivered and position our company for the future.

Mylan's rush to purchase Perrigo comes less than six months after the company completed its $5. …

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