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US stocks open higher as Teva bids $40.1bn for Mylan

Arab Today, arab today

Arab Today, arab today US stocks open higher as Teva bids $40.1bn for Mylan

Israeli pharmaceuticals giant Teva
New York - AFP

US stocks opened higher Tuesday as Israeli pharmaceuticals giant Teva surprised the market with a $40.1 billion cash-and-stock bid for generic drug maker Mylan.

Five minutes into trading, the Dow Jones Industrial Average was up 57.29 points (0.32 percent) at 18,092.22.

The broad-based S&P 500 rose 7.30 (0.35 percent) to 2,107.70, while the tech-rich Nasdaq Composite Index leaped 26.57 (0.53 percent) to 5,021.18.

Teva's cash-and-stock bid would quash a bid by Mylan earlier this month to acquire Perrigo for $28.9 billion.

Mylan shares surged 8.8 percent to $74.00 and Teva gained 1.8 percent at $64.42, while Perrigo slipped 0.7 percent to $196.75.

 

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