Mylan's US$28.9b offer to fellow drugmaker

New York

MYLAN has offered to buy fellow drugmaker Perrigo for US$28.9 billion, a deal that would create a powerhouse for generic medicine.

Mylan, which makes about 1,400 medications, offered US$205 a share in cash and stock for Perrigo, according to a statement on Wednesday. That represents a 25 per cent premium over Tuesday's closing price for Perrigo, which makes a range of products including skin gels, injectables and nasal sprays. Perrigo said that its board will meet to discuss the proposal and that there's no certainty that an offer will be made.