Teva bids $40B for takeover of Mylan

The world’s biggest generic medicine maker, Teva Pharmaceutical Industries Ltd., made a play for the largest drug industry takeover of the year with a $40.1 billion unsolicited offer to buy Mylan NV.

The offer made by Teva was $82 a share in cash and stock, about 23 percent above Mylan’s closing price on April 16, according to Bloomberg Business.

The deal, should it come to fruition, would establish Israel-based Teva as an unrivaled force in the pharmaceutical world, creating a generics powerhouse worth over $27 billion in revenue.

Canonsburg, Penn.-based Mylan, which reportedly makes about one of every 11 drugs prescribed to Americans, has stated it wants to remain independent. Earlier this month, the company made its own unsolicited bid of $28.9 billion to acquire Irish drug manufacturer Perrigo Co.

Read more from Bloomberg Business.