Mylan offers to buy Perrigo for $29 billion

In a deal that would combine two generic drugmakers that recently left the U.S. for Europe, Mylan says it wants to buy Perrigo for $205 per share, or $28.86 billion.

Mylan's cash-and-stock offer comes at a premium of 24 percent to the latest closing price for Perrigo shares.

It says the combined company would be a leader in specialty drugs, generic medicines, and over-the-counter and nutritional products.

Mylan says it delivered a proposal to Perrigo on Monday. Perrigo did not immediately respond to a request for comment.

Mylan NV relocated to the Netherlands in March after buying a unit of Abbott Laboratories for $5.3 billion. Perrigo Co. moved to Ireland in December 2013 after it bought Elan Corp. for $8.6 billion.

The moves slashed both companies' tax bills.

Copyright © 2016, Los Angeles Times
69°