Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) CFO Eyal Desheh remains upbeat about Teva's attempts to buy Mylan N.V. (Nasdaq: MYL). At the same time, Mylan continues to oppose the takeover bid and believes that it is about to receive US Food and Drug Administration (FDA) approval to market a generic version of Copaxone, Teva's flagship branded drug for treating multiple sclerosis.
Mylan CEO Heather Bresch and CFO John Sheehan took part yesterday in the Bank of America Merrill Lynch Health Care Conference and analyst Suman Kulkarni published presentations of Mylan and Teva afterwards. On Mylan he wrote, "On generic Copaxone, MYL stated that it went through the FDA’s response to TEVA’s eight citizen petitions and believes that its generic Copaxone meets all the criteria from a scientific perspective. MYL continues to expect approval at any time."
On Teva he wrote, "Teva declined to host any Q&A on the MYL transaction. But, in prepared remarks, management emphatically reiterated its commitment to the deal. TEVA has already filed for Hart-Scott-Rodino approval on 4/21/15 and believes that it could secure antitrust clearances within 4-7 months and potentially close the acquisition by the end of 2015. Management also asserted that it will continue looking for bolt-on acquisitions similar to Labrys and Auspex while pursuing MYL."
In two hostile takeover bids, Teva has offered over $40 billion to buy Mylan, which has offered $33 billion to buy Perrigo Company (NYSE:PRGO; TASE:PRGO). The conference would have offered the senior executives of all three companies a chance to meet were they so inclined.
Regarding Mylan he wrote, "On potential future transactions or a “Plan B” if the proposed PRGO deal fails to materialize, management stated that there are a lot of other attractive opportunities out there and the company would be interested in expanding its portfolio in certain dosage forms or therapeutic categories."
Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2015
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