Teva Reportedly Plans To Raise Mylan Bid By As Much As $2 Bln

(RTTNews) - Israeli generic drugmaker Teva Pharmaceutical Industries Ltd. (TEVA) prepares to raise its bid for rival drugmaker Mylan NV (MYL) by as much as $2 billion, to $43 billion, and may announce the improved proposal as soon as this week, Bloomberg reported citing people familiar with the matter.

The report indicated that Teva may offer $86 to $88 per share for Mylan. That compared with the $82 per share Teva offered in April.

Unlike its previous expression of interest, Teva plans to make the next offer formal as it seeks to thwart the U.S. drugmaker's pursuit of Ireland-based drugmaker Perrigo Co plc (PRGO), the report said.

In April, Teva proposed to buy Mylan for $82.00 per share, comprising about 50 percent cash and 50 percent stock, valuing the deal at about $40 billion. Teva also said that Mylan would need to back away from its acquisition bid for Perrigo Co plc.

Mylan had rejected Teva's offer, and then said it was committed to pursue an acquisition of Perrigo. The company had raised its offer to buy Perrigo to $35.6 billion.