Cowen believes Teva (TEVA) and Mylan (MYL) will ultimately agree on a transaction, which would unlock significant inherent value of each entities' generic divisions. Cowen's analyst recommends adding aggressively to Teva shares at these levels.

Vanda Pharmaceuticals "announced that the Supreme Court denied Vanda's petition for a writ of certiorari in its HETLIOZ(R) Abbreviated New Drug Application litigation against Teva Pharmaceuticals USA, Inc., Apotex Inc. and Apotex Corp." CEO Mihael H. Polymeropoulos stated: "We are disappointed that the Supreme Court has decided not to hear our case and clarify the lower court standard for obviousness in patent law. However, we are pleased that our case has drawn attention to an area of law that has broad and significant implications in life sciences innovation."