Bloomberg News

Mylan Surges to Highest Value as CEO Sees Deal Opportunities

February 27, 2014

Mylan Inc. (MYL:US), the biggest U.S. generic-drug maker, reached an all-time high after Chief Executive Officer Heather Bresch said the company was poised for acquisitions.

Mylan surged (MYL:US) 10.3 percent to $56.69 at 1:38 p.m. in New York, after earlier reaching $57.07, the highest value (MYL:US) since at least May 1984, according to data compiled by Bloomberg.

Mylan’s top competitors, Actavis Plc (ACT:US) and Teva Pharmaceutical Industries Ltd. have grown through purchases, expanding their product lines to include specialty and branded drugs. Mylan, which generates 12.5 percent of its revenue (MYL:US) from specialty medicines, is also seeking to broaden its therapies and last year acquired the injectable drugs unit of Strides Arcolab Ltd. for $1.6 billion.

“We believe that we’re well-poised for a transaction,” Bresch said today during a conference call with analysts after fourth-quarter earnings were announced. The Canonsburg, Pennsylvania-based company will look “across the entire spectrum of the industry,” she said.

“The company has turned the dialog for the call from the operations to the ‘who, what, and where’ of the next deal,” David Maris, a New York-based analyst at BMO Capital Markets Corp. wrote in a note to clients. “We would like to hear more about the ’why?’ another deal is needed.”

To contact the reporter on this story: Caroline Chen in New York at cchen509@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net


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Companies Mentioned

  • MYL
    (Mylan Inc/PA)
    • $48.21 USD
    • 0.46
    • 0.95%
  • ACT
    (Actavis plc)
    • $227.31 USD
    • 1.06
    • 0.47%
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