Pharma company Mylan raises bid for Perrigo to $35.6bn

Generic drug company Mylan raised its bid for a second time for Perrigo on Wednesday, offering $35.6 billion for the over-the-counter giant.

Mylan, which itself is fending off a takeover bid from generics giant Teva, offered $75 in cash and 2.3 Mylan shares for each Perrigo share. Mylan last Friday proposed $32.6 billion for Perrigo, only to see that quickly rejected as too low.

A Mylan-Perrigo tie-up would create a company with more than $15 billion in annual sales and generate $800 million in annual savings from operational synergies, according to Mylan.

Mylan chief executive officer Heather Bresch said a combination between with Perrigo would create "a one-of-a-kind global healthcare company" with "complementary businesses and cultures, unmatched scale in its operations and infrastructure, broad and diverse portfolio, and immense reach across distribution channels around the world."

But Perrigo has shown no appetite for such a deal so far, rejecting the prior two bids and saying they undervalue the company.

Mylan's unsolicited offers to Perrigo come as it fights a comparable campaign launched by Israeli giant Teva to buy Mylan and build a global behemoth in generic drugs.

On Monday, Mylan dismissed Teva's $40.1 billion offer as both "grossly" low and insincere, "a mere attempt by Teva to frustrate and distract Mylan from its business plan and strategy."

In early trade, Perrigo shares dipped 0.1 percent to $1886.27, Mylan rose 1.2 percent to $73.55 and Teva gained 0.8 percent to $61.80.