Mylan Shares Tank After Teva Pharmaceutical Nixes Takeover Bid

Pharmaceutical giant Mylan (MYL) was the worst performing stock in the S&P 500 on Monday, making it TheStreet's Move of the Day. Shares gave up about 14.5 percent after Israel-based Teva Pharmaceuticals (TEVA) withdrew its offer to acquire Canonsburg, PA-based Mylan, a deal previously announced back in April. Instead, Teva will acquire the generics division of Dublin-based Allergan PLC (AGN) in a merger worth $40.5 billion. Allergan shares rallied 5.4 percent. The transaction will net Allergen $33.75 billion in cash, along with Teva shares worth $6.75 billion. Teva expects the merger to close during first quarter of next year. Shares of Mylan fell about 26 percent since their high back on April 24. TheStreet's Scott Gamm reports from New York.