Teva Pharmaceutical Industries has released an updated investor presentation in connection with its proposed combination with Mylan, which will be filed with the Securities and Exchange Commission (SEC).
Erez Vigodman, president and CEO of Teva, said, “Our strong financial and operating performance demonstrates that great people, great products and world-class execution of our strategy are coming together in a powerful way at Teva. Teva has built the foundation for accelerated growth and an even stronger future—and we will continue to evolve to deliver on our strategy and achieve our goals. Together with Mylan, we would have the infrastructure and the capabilities to more quickly pursue a differentiated business model that meets the evolving needs of patients and customers and support the highest levels of quality and clinical excellence. We are committed to making this transaction a reality and delivering the value that our stockholders and the other stakeholders of both companies deserve.”
Among other things, the presentation notes:
As previously announced on April 21, Teva has proposed to acquire Mylan for $82 per share, with the consideration to be comprised of approximately 50% cash and 50% stock. Teva’s proposal for Mylan implies a total equity value of approximately $43 billion. Teva’s proposal represents a 48.3% premium to the unaffected stock price of Mylan on March 10, the last day of trading prior to widespread speculation of a transaction between Teva and Mylan. Teva’s proposal is contingent on Mylan not completing its proposed acquisition of Perrigo or any alternative transactions.