Mylan makes $29 billion bid for Perrigo
POTTERS BAR, England — Mylan on Wednesday announced that it has made a proposal to acquire Perrigo in a $29 billion cash-and-stock transaction that would create a diversified, global pharmaceutical leader with an unmatched commercial and operating platform and a unique, one-of-a-kind profile. The combination of these complementary businesses would produce a company with critical mass in specialty brands, generics, over-the-counter and nutritional products and a commercial platform with reach across all customer channels, the company stated.
Under the terms of the non-binding proposal, Perrigo shareholders would receive $205 in a combination of cash and Mylan stock for each Perrigo share, which represents a greater than 25% premium to the Perrigo trading price as of the close of business on April 3, 2015 (the last trading date prior to the date of Mylan's proposal), a greater than 29% premium to Perrigo's sixty-day average share price and a greater than 28% premium to Perrigo's ninety-day average share price.
"This proposal is the culmination of a number of prior discussions between Mylan and Perrigo about the compelling strategic and financial logic of this combination," stated Robert Coury, Mylan executive chairman. "This combination would result in meaningful immediate and long-term value creation, and our proposal is designed to deliver that value to shareholders and other stakeholders of both companies. We have great respect for Perrigo's board and management team and what they have built. We look forward in the weeks ahead to working with them to capitalize on this tremendous opportunity and working together to create a unique leader with a one-of-a-kind profile in our industry."
The proposal is subject to the pre-condition of confirmatory due diligence, which pre-condition may be waived by Mylan at its discretion. This announcement is not an announcement of a firm intention to make an offer under rule 2.5 of the Irish Takeover Panel Act, 1997, Takeover Rules 2013 and there can be no certainty that an offer will be made, even if the due diligence pre-condition is satisfied or waived. A further statement will be made if and when appropriate.
D’s Naturals backed by $3 million investment behind No Cow Bar launch
CINCINNATI – Fresh off from signing a national distribution deal last week with Europa Sports, D's Naturals, makers of the “No Cow Bar,” announced Wednesday that the company has successfully closed it’s first major round of financing, raising more than $3 million from outside investors.
"Raising $3 million isn’t easy,” said D Katz, 18-year-old founder and CEO of D’s Naturals. "I’ve come to realize that when you want something bad enough, anything is possible. People think my visions for this company are unrealistic, and I’m here to prove them wrong. I launched this company just three months ago, and the growth rate so far has been nothing short of incredible. This latest financing round is a big milestone, as it allows us to continue to grow as a company and will support the launch of our next generation of products in May. History will be made.”
Katz founded D’s Naturals with a vision to pioneer plant-based food products that would ultimately revolutionize the natural foods/fitness category. Using only clean ingredients and no added sugar or artificial ingredients, D’s Naturals cornerstone product, The No Cow Bar, is a line of high-protein bars made with organic brown rice and pea proteins, prebiotic fiber and natural sweeteners like monk fruit and stevia.
Hi-Tech challenges journal study criticizing its ingredient Acacia rigidula
NORCROSS, Ga. — Hi-Tech Pharmaceuticals on Tuesday responded to a report in the journal Drug Testing and Analysis that charged supplements containing the ingredient Acacia rigidula also contained BMPEA, an amphetamine isomer. The company believes the Harvard-led study is similar to the recent testing performed by the New York attorney general on many herbal extracts, in that it's a faulty test.
"Hi-Tech Pharmaceuticals has sold more than a billion doses of Acacia rigidula since 2003," said Jared Wheat, president Hi-Tech Pharmaceuticals. The company has conducted three clinical studies on the effects of Acacia rigidula and none have found any serious adverse events, he said, "other than possibly a jitter or shake which is common amongst stimulants."
A 2013 study carried out by Food and Drug Administration scientists scrutinized the testing done and methods used by Texas A&M researchers and other scientists' studies on Acacia, Hi-Tech added. "Yesterday I responded to various news outlets seeking comment on the upcoming release of the Harvard led study by Pieter Cohen, the lead researcher and an assistant professor at Harvard Medical School. However, many of these news outlets did not give equal weight to, and in some cases did not even report on, the studies performed by Texas A&M finding various methylated Phenylethylamine alkaloids in Acacia Rigidula," said Wheat.
"The testing involved in Acacia and other plants coupled with the DNA testing performed by the New York Attorney General Eric Schneiderman just leads to consumer concerns and bad science. These government entities are very good at testing pharmaceuticals, but are not familiar with botanical extracts, and the factors surrounding extraction and soil conditions that can lead to different analytical results," stated Wheat.
"I also feel this is a joint effort by big pharma and institutions to rid the marketplace of Acacia as they did with ephedrine in 2006," Wheat added. "Hi-Tech Pharmaceuticals fought the outlawing of ephedrine alkaloids and will not sit idly by while researchers and a biased media try to destroy acacia just so they can commercialize it into a prescription drug and ban it from the dietary supplement industry as they did with ephedrine alkaloids."
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