Perrigo Co. plc’s share price dipped this afternoon after Bloomberg reported that Israeli generic drug maker Teva Pharmaceutical Industries Ltd. was considering a bid for Mylan NV, which two weeks ago submitted an unsolicited offer to buy Perrigo.
Perrigo opened this morning at $196.86 per share and fell quickly about 3.6 percent to $189.63 per share shortly after the Bloomberg story was published online this afternoon. By shortly after 3 p.m., an hour before the market closed, shares of Perrigo (NYSE: PRGO) had recovered to $197.92 per share.
Citing unnamed sources, Bloomberg reported that Teva was exploring making a bid for Mylan, a Potters Bar, England-based (Nasdaq: MVL) producer of generic drugs and specialty pharmaceuticals.
Mylan, on April 8, sent a letter to Chairman and CEO Joe Papa that offered Perrigo (NYSE: PRGO) shareholders $205 per share in cash and stock for each share they hold.
Mylan’s announcement of the offer drove up Perrigo’s share by nearly 20 percent that day.