Drug firm Teva bids $40bn for Mylan

Generic medicine pills

Generic drug company Teva has announced a bid to buy Dutch rival Mylan in a deal that could be worth $40.1bn (£26.9bn) in cash and stock.

Teva has offered $82 for each Mylan share, saying a deal could "transform" the generic drugs industry.

On Friday, responding to rumours of an offer, Mylan said a takeover by Teva "is without sound industrial logic or cultural fit".

Earlier this month, Mylan had made a $30bn offer to buy drug firm Perrigo.

However, Teva said its offer was a more "attractive alternative" for Mylan's shareholders.

"Our proposal is compelling for both Teva and Mylan stockholders and other stakeholders," said the chief executive of Teva, Erez Vigodman.

"Mylan's business is a natural fit with our own and is highly complementary to it".

Mylan employs about 30,000 people and makes about 1,400 generic pharmaceutical treatments. It reported revenues of $7.72bn in 2014.

Teva has around 45,000 employees worldwide and reported revenues of $20.3bn in 2014, with more than half of its revenue generated in the United States.

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites