Mylan to commence with formal offer to acquire Perrigo
POTTERS BAR, England — Mylan announced on Friday that it commence with a formal offer to acquire generic drug maker Perrigo.
Under the terms of the offer announced Friday, Perrigo shareholders will receive $60 in cash and 2.2 Mylan ordinary shares for each Perrigo ordinary share. The formal offer is worth about $33 billion in cash and stock.
It is expected that, following the consummation of the transaction, Mylan shareholders will own approximately 61.8% of the outstanding Mylan ordinary shares on a fully diluted basis and former Perrigo shareholders will own approximately 38.2% of the outstanding Mylan ordinary shares on a fully diluted basis.
So far, Perrigo has rejected Mylan’s advances. Earlier in the week, Perrigo unanimously rejected the unsolicited proposal from Mylan, disclosed April 8, to acquire all of the outstanding shares of Perrigo for $205 per share in a deal valued at $29 billion.
"While we are disappointed by the decision of the Perrigo Board to reject our proposal without entering into discussions thus far, we are still hopeful and confident that we can engage with their Board about our offer and how to best bring our organizations together,” stated Mylan's executive chairman Robert Coury. "As evidenced by today's Rule 2.5 announcement, we remain steadfast in our offer to acquire Perrigo, given the substantial opportunities we anticipate it will create for our company, shareholders and other stakeholders. We will not be distracted from the pursuit of this exciting, value-creating combination."
Mylan expects the combination will result in at least $800 million of annual pre-tax operational synergies by the end of year four following the consummation of the offer.
Meanwhile, Mylan shareholders have another deal to consider: Teva Pharmaceutical Industries recently submitted an unsolicited proposal to acquire Mylan in a deal valued at $40 billion.
The new Accutab Personal Pillbox turns a smart watch into a medication adherence tool
BOSTON — Boston-based e-pill Medication Reminders is releasing a pill box for smart watches.
The Accutab Personal Pillbox turns a smart watch into a practical medication adherence tool. Organize all medications weekly, store them in your Accutab and use a smart watch to remind you to take your medications.
This pill box was designed by an arthritis patient, and its simple operation makes it a practical tool for persons of all ages taking multiple medications and/or taking lots of medicines or supplements.
The Accutab Personal Pillbox is a semi-automatic pill dispenser for one person and can be mounted under or inside a kitchen cabinet. Accutab can dispense all your meds up to three per day. It is easy to dispense medications even for patients with arthritis, simply move the red lever from left to right to dispense all your pills in a medicine cup or into your hand.
Accutab works with all smart watches. You may use the Apple Watch's daily alarm function or use the Web MD medication reminder function (included with the Apple Watch) to schedule daily pill reminders. Notifications will include images of the medication, the amount to take, and when to take it. Users will be prompted to log whether they've taken or skipped a dose; alternately, they can hit a 15-minute snooze button or dismiss a notification entirely.
Sandoz launches generic Fusilev
PRINCETON, N.J. — Sandoz on Friday announced the launch of levoleucovorin injection ready-to-use single use vial, a generic version of Fusilev, which is marketed by Spectrum Pharmaceuticals.
According to Sandoz, the drug is indicated for “rescue use after high-dose methotrexate therapy in bone cancer; diminishing the toxicity and counteracting the effects of impaired methotrexate elimination and of inadvertent over dosage of folic acid antagonists.”
"Sandoz is pleased to expand our high-quality portfolio of oncology injectables with this product launch,” said Peter Goldschmidt, president of Sandoz. “Generics, which offer the same quality and efficacy as branded pharmaceuticals, play an important role in increasing access while providing significant cost savings to payers, patients and healthcare systems.”
U.S. sales for levoleucovorin totaled $185 million for the 12 months ending February 2015, according to IMS Health data.