NEW YORK (The Deal) -- Generics giant Mylan (MYL) - Get Mylan N.V. (MYL) Report went on the offensive Monday to counter persistent speculation of a pending bid from Israeli rival Teva Pharmaceutical (TEVA) - Get Teva Pharmaceutical Industries Limited Sponsored ADR Report, saying it too had considered such a combination but found a deal would be "without sound industrial logic."

The statement comes after The Wall Street Journal Friday said Teva was considering taking a run at Mylan, despite Mylan's hefty $66 billion market cap. Analysts have said a combination could lead to as much as $1 billion in savings by eliminating overlapping activities.

Years of consolidation have left global off-patent medicine companies with few targets as they hope to expand reach and their portfolios. The biggest, such as Teva and Mylan, are now expected to begin looking to each other for a possible merger despite the obvious competition issues.

Mylan is incorporated in the Netherlands, based in Potters Bar, England and operates out of Canonsburg, Pa. Earlier this month it unveiled an unwanted $29 billion offer for Dublin's Perrigo (PRGO) - Get Perrigo Co. Plc Report in what was seen as a defensive attempt to make itself less attractive to Teva.

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"We believe that it is unlikely that any such combination could obtain antitrust regulatory clearances," Mylan CEO Robert Coury said in a statement. "Mylan is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo, and today's speculation has no impact whatsoever on this strategy."

The executive promised to review any potential offer as part of its responsibilities to shareholders but said the company would make no further comment on media speculation.

Teva reportedly hasn't yet made a decision on a potential approach and could yet cancel its plans.

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