NEW YORK (TheStreet) -- Mylan (MYL) - Get Report shares have spiked in afternoon trading today and are up 4% to $69.51 following reports that the biopharmaceutical company has become a takeover target for Teva Pharmaceutical Industries (TEVA) - Get Report, according to Bloomberg.
However, Mylan released a statement less than an hour ago that disputes these claims, saying that the company is committed to remaining a stand alone entity.
"Although it has been company policy not to comment on such media speculation, given current circumstances, we believe it is appropriate to do so now. Mylan is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo (PRGO) - Get Report, and today's speculation has no impact whatsoever on this strategy," said Mylan executive chairman Robert J. Coury.
"We have studied the potential combination of Mylan and Teva for some time and we believe it is clear that such a combination is without sound industrial logic or cultural fit. Further, there would be significant overlap in the companies' businesses and we believe that it is unlikely that any such combination could obtain anti-trust regulatory clearances," Coury said.
Teva is evaluating the purchase internally and has employed advisers to evaluate the particulars of an potential bid for Mylan, according to Bloomberg sources.
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 revenue growth, notable return on equity, solid stock price performance, increase in net income and growth in earnings per share. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: MYL Ratings Report