Mylan (MYL) Stock Rises as the FTC Conditionally Approves Perrigo Takeover
NEW YORK (TheStreet) -- Mylan (MYL) - Get Report stock is up by 2.84% to $47.11 in midday trading on Tuesday, after the Federal Trade Commission approved the company's hostile takeover of generic drugmaker Perrigo (PRGO) pending certain conditions.
To settle anti-competitive charges by the FTC, Mylan has said it will sell the rights and assets tied to seven generic drugs, according to a statement.
Mylan bid to acquire Perrigo in April, and went hostile in September, Reuters reports. Perrigo shareholders have until November 13 to decide whether to accept Mylan's tender offer. Mylan requires the support of 80% of shareholders for the takeover.
Additionally, on Friday the global pharmaceutical company posted 2015 third quarter earnings of $1.43 per share on revenue of $2.71 billion. Analysts surveyed by Thomson Reuters had forecast for earnings of $1.38 per share on revenue of $2.70 billion.
Separately, TheStreet Ratings team rates MYLAN NV as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
We rate MYLAN NV (MYL) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, attractive valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: MYL
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