Perrigo fails in bid to block Mylan’s Israeli stock listing

In late September, Perrigo filed suit against Mylan and the Israeli Securities Authority (ISA) in Tel Aviv.

Mylan said it expects full-year adjusted earnings to be at the high end of its $4.15 to $4.35 per share forecast.

Mylan is in the process of gaining approval from Perrigo shareholders for a hostile takeover of the drugmaker, and last month Perrigo sought a preliminary injunction to block the closing of any offer.

Perrigo, which is also based in Ireland, promptly rejected the offer, as well as a later one, and mud-slinging and court cases ensued.

Mylan chairman Robert Coury said, “We are very pleased by the court’s ruling, clearing the way for the TASE to approve our listing and for Perrigo’s Israeli shareholders to participate in our highly compelling offer, which would provide them with immediate and significant accretion, 2.3 Mylan shares and $75 in cash for each Perrigo share tendered, as well as a highly attractive multiple”.

Mylan NV, the world’s third-biggest maker of generic drugs, reported profit that topped analysts’ estimates as sales of copycat medicines soared.

Perrigo’s lawsuit said Mylan overstated potential synergies, and falsely claimed power to delist Perrigo shares in an effort to strong-arm acceptance of the tender offer.

Net income attributable to shareholders fell to $428.6 million, or 83 cents per share, from $499.1 million, or $1.26 per share, due to an increase in the number of shares outstanding.

Additionally, the global pharmaceutical company posted earnings for the 2015 third quarter of $1.43 per share this morning, up from $1.16 in the year ago period. Shares of Perrigo closed Thursday at $165.81.