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News Breaks
August 19, 2014
11:44 EDTMYLMylan launches generic Precedex Injection
Mylan announced that its business Mylan Institutional has launched Dexmedetomidine Hydrochloride Injection, 100 mcg/mL, packaged in 200 mcg/2 mL Single-dose Vials, which is therapeutically equivalent to Hospira's Precedex. Mylan yesterday received final approval from the U.S. FDA for its Abbreviated New Drug Application for this product, which is indicated for the sedation of non-intubated patients prior to and/or during surgical and other procedures, and began shipping immediately.
News For MYL From The Last 14 Days
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August 25, 2015
13:22 EDTMYLMylan comments on 'misleading' Perrigo statements
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11:27 EDTMYLTeva to refrain from voting at Mylan special meeting
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August 21, 2015
15:22 EDTMYLMylan clarifies certain inaccuracies related to lowered condition to acquire Perrigo
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08:19 EDTMYLMylan to host special shareholder meeting
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August 18, 2015
11:34 EDTMYLMylan says FDA warning on Agila facilities has no material impact on forecast
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10:19 EDTMYLMylan calls active on speculation of an activist investor stake
Mylan August 55 and 60 calls are active on total call volume of 7,900 contracts (800 puts) on speculation of an activist investor stake. August call option implied volatility is at 42, September is at 38; compared to its 52-week range of 22 to 52. Active call volume suggests traders taking positions for upside price movement.
10:01 EDTMYLRumor: Mylan moves higher on speculation of an activist investor stake
07:32 EDTMYLMylan sued in connection with filing of ANDA for Abiraterone Acetate Tablets
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August 14, 2015
17:08 EDTMYLPaulson & Co gives quarterly update on stakes
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16:37 EDTMYLAppaloosa gives quarterly update on stakes, takes stake in Apple
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13:33 EDTMYLPaulson & Co. votes in support of Mylan's proposed merger with Perrigo
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12:12 EDTMYLPaulson recently took position in Perrigo, WSJ reports
John Paulson's hedge fund, which owns a 4.6% stake in Mylan (MYL), recently built a position in Perrigo (PRGO), Wall Street Journal reports, citing people familiar with the matter. Mylan has made an unsolicited bid to acquire Perrigo. Shares of Perrigo moved up following the report, and sit up 85c to $193.35 in midday trading.
11:10 EDTMYLPerrigo says ISS affirms position that Mylan deal would be 'value destructive'
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09:20 EDTMYLMylan responds to ISS recommendation regarding Perrigo transaction
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08:59 EDTMYLMylan tells holders board unanimously recommends Perrigo deal
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08:35 EDTMYLHayman takes Mylan, Perrigo stakes, boasts exposure to energy
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08:23 EDTMYLMylan still in 'decent' position to win Perrigo vote, CNBC's Faber reports
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08:22 EDTMYLISS tells Mylan investors to vote against Perrigo takeover, WSJ reports
Proxy adviser Institutional Shareholder Services, or ISS, recommended that Mylan (MYL) investors vote against approving the company's $36B takeover of Perrigo (PRGO), the Wall Street Journal reports. ISS said that the deal faces too many hurdles and has "unreasonable uncertainties" associated with it, the report says. Reference Link
August 13, 2015
13:43 EDTMYLPerrigo comments on Mylan's 'reckless' lowering of tender threshold
Perrigo Company (PRGO) responded to the announcement that Mylan N.V. (MYL) has lowered the acceptance condition for its proposed unsolicited offer to acquire Perrigo from not less than 80% of Perrigo ordinary shares to greater than 50% of Perrigo ordinary shares. Perrigo Chairman, President and CEO Joseph C. Papa said, "Mylan already proposed a dilutive deal that substantially undervalues Perrigo; today's announcement makes it even worse. This scare tactic is simply an attempt to coerce Perrigo shareholders into a value destructive deal. We don't believe Perrigo shareholders will tender into this transaction at any threshold and we are confident that there is no rational path to a full acquisition of Perrigo. This move is an obvious sign of desperation that would have profoundly negative effects for shareholders, debtholders, customers and employees of both Perrigo and Mylan. Under Irish law, this structure all but guarantees that the promised synergy realization will fail and it would create material credit and equity risk for both companies - none of which Mylan has detailed to its own shareholders or ours." Papa continued, "This reckless action runs contrary to the best interests of both Perrigo and Mylan shareholders, taking a value destructive transaction and making it materially worse when Mylan fails to achieve the 80% threshold necessary for consolidation. This is yet another example of Mylan's leadership disregarding their fiduciary responsibilities to represent the best interests of shareholders."
07:02 EDTMYLMylan lowers acceptance condition on Perrigo offer to greater than 50%
Mylan (MYL) announced that it has formally lowered the acceptance condition for its offer to acquire Perrigo (PRGO) from not less than 80% of Perrigo ordinary shares to greater than 50% of Perrigo ordinary shares. As previously announced, on Aug. 6, 2015, Mylan entered Amendment No. 2 to its bridge credit agreement which allows Mylan to lower the acceptance condition to a number of Perrigo ordinary shares representing more than 50% of the voting rights then exercisable at a general meeting of Perrigo without further consent from the lenders. On April 24, 2015, Mylan issued a Rule 2.5 announcement under the Irish Takeover Rules setting forth its legally-binding commitment to commence an offer directly to the Perrigo shareholders for the entire issued and to be issued share capital of Perrigo. The proposed transaction remains subject to the pre-condition and certain conditions and other terms set forth in the formal Rule 2.5 announcement.
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