After Mylan (MYL) hosted a conference call to drive Perrigo (PRGO) shareholder support for a takeover ahead of the November 13 tender deadline, Leerink analyst Jason Gerberry says he continues to view the likelihood of a deal as low. The analyst questions whether Perrigo holders will tender for anything less than $200 per share. Further, Mylan did not address "several deal uncertainties" on the call, including if it can achieve the stated cost synergy target of $800M and if it has the support of 80% of Perrigo holders, Gerberry tells investors in a research note. He has an Outperform rating on Mylan.

Perrigo announced that pharmaceutical company Esteve Healthcare has signed a binding offer to acquire Perrigo's HRA Pharma Rare Diseases business for a total consideration of up to EUR 275M, consisting of an upfront cash payment of EUR 190M and up to EUR 85M in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Following the information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by Esteve and enter into a definitive agreement with Esteve for the sale of the Rare Diseases business. The proposed final transaction is expected to close during the third quarter of 2024, subject to the satisfaction of the HRA Works Council consultation and customary closing conditions, including receipt of regulatory approvals.