Teva acquires 1.35-percent stake in Mylan

Teva disclosed in a regulatory filing Wednesday that it had purchased a 1.35-percent stake in Mylan. The Israeli drugmaker, which previously offered to acquire Mylan for $82 per share, or about $40 billion, indicated that it purchased the shares at a per-share price ranging from more than $69 to less than $71 through more than 13 000 transactions.

Last month, Mylan's board of directors unanimously rejected Teva's unsolicited expression of interest, concluding that the offer "grossly undervalues" the drugmaker. Teva CEO Erez Vigodman has since called for Mylan to "engage constructively" with the company.

Teva said Wednesday that "acquiring shares of Mylan underscores our commitment to consummating a transaction as soon as possible," adding that its advisors are prepared to meet with Mylan to discuss the offer.

For further analysis, see ViewPoints: Agree to disagree – will FTC considerations scupper a Teva-Mylan deal?

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