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Fly News Breaks for May 6, 2015
PRGO, TEVA, MYL
May 6, 2015 | 07:26 EDT
Leerink views Mylan's (MYL) Q1 results as mixed and notes management took the opportunity to pitch investors on the potential acquisition of Perrigo (PRGO). The firm views a Teva, Mylan combination as the transaction more likely to get consummated given the "relative ease" of combining two generic businesses versus a generic and a consumer store brand business. It also notes the dilutive nature of a Mylan, Perrigo deal in the first two years. Leerink views Mylan's poison pill as a "clear deterrent," but feels it "isn't bullet proof." The firm values Mylan shares at $67 on a standalone basis and $82 on a takeout scenario. It keeps an Outperform rating on the stock.
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