Coury, Chairman and Chief Executive Officer of Mylan participates in a bell ringing ceremony with officials at the Tel Aviv Stock Exchange, Israel
By Steven Scheer
TEL AVIV (Reuters) - Mylan will likely win its bid to take over Irish-based generic drugmaker Perrigo Co, but if the bid fails the company can live without seeking an alternative acquisition, its chairman said on Wednesday.
Mylan made an offer for Perrigo in April, which was rejected, and went hostile in September with its $25 billion all-share offer. Perrigo shareholders have until Nov. 13 to accept. Under Irish takeover rules, Mylan needs 80 percent of shareholders' votes to take control of Perrigo.
Chairman Robert Coury said Mylan should receive at least 50 percent and Mylan will run Perrigo as a separate entity if it receives more than 50 percent but less than 80 percent.
"As long as Mylan's share price is going up the opportunity becomes larger and larger and larger," Coury told reporters in Israel, where Mylan's shares began trading on Wednesday.
"People don't tender until the last 24 hours so we have quite a very very strong chance for a lot of activity in the last week."
Coury said that while the purchase of Perrigo was good for both companies, Mylan can survive without it. "We don't need acquisitions," he said, pointing to the very strong market position of EpiPen, its biggest-selling branded product, which treats emergency anaphylactic reactions to allergens.
"The EpiPen situation couldn't have come at a more opportune time," he said, referring to a recall of rival Auvi-Q injectors made by Sanofi.
He also expressed doubt that a generic version of EpiPen by Israel's Teva Pharmaceutical Industries would come to market by 2016, if ever.
In addition he said Mylan is hoping for a fast track approval process by U.S. regulators for its generic version of GlaxoSmithKline's asthma treatment Advair.
Mylan will apply to the Food & Drug Administration by the end of the year and believes a launch of the generic version of Advair could be possible in 2017.
"I will absolutely continue to look at M&A stuff but not as a requirement - as something that could be additive as part of our longer term strategy," he said.
Coury added that Mylan also expects to launch a generic version of Teva's multiple sclerosis drug Copaxone in 2016.
Despite a legal challenge by Perrigo, shares in Mylan made their debut on the Tel Aviv Stock Exchange on Wednesday, rising 1.9 percent. It is the second-biggest company by market value on the bourse and in January is expected to join the blue-chip TA-25 index <0#.TA25>.
"Israel is a natural next step for our (global) expansion," Coury said, citing the country's high-tech and biotech expertise. "This is my first (dual-listing). It's the right place to do it given the size of what I am doing with Perrigo. I am going to watch and see the benefits, or not, of dual-listing."
(Editing by Greg Mahlich)