Mylan Shares Surge on $29 Billion Offer to Acquire Perrigo

Mylan (MYL) spiked after it made an offer to Perrigo (PRGO), making it TheStreet's Move of the Day. Shares of the pharmaceutical company were on the move after it made an offer to buy industry peer Perrigo in a cash-and-stock deal worth nearly $29 billion. The latest proposed mega-merger in the pharmaceutical sector values Perrigo at $205 a share, just under a 25% premium to the company's closing price on Tuesday. If accepted and approved, the merger between Netherlands-based Mylan and Ireland-based Perrigo would create a pharmaceutical giant with more than $15 billion in annual revenue. Shares of Mylan and Perrigo moved higher.

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