NEW YORK (TheStreet) -- Shares of Perrigo (PRGO) - Get Report closed up 9.16% to $108.13 on Tuesday as the pharmaceutical company is reportedly close to an agreement with a U.K.-based company to be bought for $20 billion, according to a source cited by StreetInsider.com.
Perrigo is being advised by Morgan Stanley (MS) and the unnamed U.K. company is being advised by several firms, including Barclays (BCS), the source added.
Representatives from Perrigo did not respond to a request to comment from StreetInsider.
Last year, Mylan (MYL) tried to acquire Perrigo, but the hostile bid was successfully fended off by former CEO Joe Papa, who took the helm of beleaguered rival Valeant (VRX) in early May.
About 8.25 million of Perrigo's shares were traded today vs. its average volume of 3.75 million shares per day.