Earlier this month Mylan announced that it has completed the settlement of its recommended public offer to the shareholders of Meda Aktiebolag to tender all their shares in Meda to Mylan.
The offer was accepted by shareholders holding approximately 94% of the total number of outstanding shares and votes in Meda, as of July 29, 2016. Upon the completion and settlement of the offer, Mylan acquired each of these shares in accordance with the terms of the offer. The offer was initially announced on Feb. 10, 2016 and it was declared unconditional on Aug. 2, 2016. The acceptance period expired on July 29, 2016 and will not be extended.
“We are very pleased to have received the overwhelming shareholder support required to complete our acquisition of Meda. Mylan continues to differentiate itself among the world’s pharmaceutical companies in terms of our unique profile and growth trajectory. The addition of Meda will only further add to our existing leadership position within our space and continue to create significant value for our shareholders and other stakeholders. On behalf of Mylan’s entire board of directors, we welcome our new Mylan shareholders and look forward to them sharing in the anticipated future success of our combined company,” commented Mylan Chairman Robert Coury.
“The addition of Meda builds on everything we have put in place around the world, creating even greater scale, breadth and diversity across products, geographies and sales channels. As a result, our R&D and manufacturing platform is unmatched, and we now have a more powerful global commercial infrastructure across developed and emerging markets and branded, generic and over-the-counter products. This transaction also is extremely compelling financially, providing significant accretion to Mylan’s adjusted earnings per share, the opportunity for substantial synergies and further acceleration of our growth. Importantly, I would like to welcome Meda’s talented and dedicated workforce to the Mylan family, and I look forward to their contributions as we strive to deliver better health for a better world,” said Mylan CEO Heather Bresch.
“With the addition of Meda, Mylan now has six $1 billion therapeutic franchises, and through our enhanced scale and expanded commercial capabilities, we see significant opportunities to further distinguish Mylan among our customers and patients. Allergy/respiratory, pain/CNS and dermatology – recently bolstered by our acquisition of the Renaissance topicals business – represent just a few of the exciting areas where we expect to create additional value from our combined portfolio, pipeline and capabilities. Meda also opens up a number of new opportunities for us, such as significantly expanding our over-the-counter presence into a $1 billion business. Additionally, Meda accelerates our expansion in attractive emerging markets, such as China, Southeast Asia, Russia and the Middle East, and provides us opportunities to maximize our efficient, high quality operating platform and broad product portfolio. I too would like to extend a warm welcome to the Meda team and am excited to begin integrating our businesses and bringing together the best from both of our organizations,” Mylan President Rajiv Malik added.
Meda is now a controlled subsidiary of Mylan. Mylan intends to initiate compulsory acquisition proceedings for the remaining shares in Meda in accordance with the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)) and has acted to have the Meda shares delisted from Nasdaq Stockholm.