November 3, 2015 / 9:17 PM / 2 years ago

FTC approves Mylan's hostile bid for Perrigo with conditions

WASHINGTON (Reuters) - Mylan (MYL.O) received U.S. antitrust approval for its hostile bid for Irish-based generic drugmaker Perrigo Co (PRGO.N), the Federal Trade Commission said on Tuesday.

Netherlands-based Mylan made an offer for Perrigo in April, which was rejected, and went hostile in September. Perrigo shareholders have until Nov. 13 to accept its tender offer. Under Irish law, Mylan needs 80 percent of shareholders’ votes to take control of Perrigo.

In a letter to shareholders on Tuesday, Perrigo Chief Executive Joseph Papa reiterated his opposition to a deal with Mylan, calling its offer “grossly inadequate” and accusing Mylan of “poor corporate governance practices.”

But Mylan Executive Chairman Robert Coury said on Tuesday that he was “very confident” that Perrigo shareholders would side with Mylan.

”We are delighted to have received FTC clearance, making our offer for Perrigo now unconditional other than the one final step, which now rests solely in the hands of Perrigo

shareholders,” he said.

    If the deal goes forward as Mylan envisions, Mylan has agreed to sell seven drugs to Alvogen Group Inc, the FTC said in a statement.

    They are bromocriptine mesylate (diabetes and Parkinson’s disease), clindamycin phosphate/benzoyl peroxide (acne), liothyronine sodium (thyroid ailments) polyethylene glycol 3350 (a laxative), acyclovir (herpes), hydromorphone hydrochloride (pain), scopolamine (nausea).

    Reporting by Diane Bartz; Editing by Peter Cooney and Sandra Maler

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