Leerink analyst Jason Gerberry sees several potential catalysts in the second half of 2015 that could increase the chances of a Teva (TEVA), Mylan (MYL) deal occurring. Such events include a formal offer for Mylan above the initial, non-binding $82 per share offer and Mylan shareholders in August voting down an acquisition of Perrigo (PRGO). Teva shares do not reflect any of the value that could be created through a combination with Mylan, Gerberry tells investors in a research note dated yesterday. He estimates the combined Teva, Mylan company could trade at $77 per share, representing 20% upside potential from current Teva levels. Gerberry assigns 25% odds to a deal happening in six months versus 25% odds of a deal happening in 12 months. Other takeover options for Teva include Jazz Pharmaceuticals (JAZZ), Endo (ENDP) and Mallinckrodt (MNK), Gerberry writes. He keeps an Outperform rating on Teva with a $72 price target.

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.