Teva Buys 1.35% of Mylan Shares to Pressure Takeover Target

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Teva Pharmaceutical Industries Ltd. bought 1.35 percent of Mylan NV’s stock on the open market, putting pressure on the rival drugmaker to accept a takeover offer.

The purchases ranged from more than $69 to less than $71 a share, according to a filing. That compares with Teva’s proposed acquisition price last month of $82 a share in cash and stock, a bid has Mylan rejected.

Teva is pursuing Mylan to regain market share it has lost to Indian manufacturers such as Sun Pharmaceutical Industries Ltd. The deal would create a generic powerhouse with more than $27 billion in revenue and re-establish Teva as the unchallenged giant in the industry.

“Acquiring shares of Mylan underscores our commitment to consummating a transaction as soon as possible,” Teva said in a statement Wednesday.

Mylan shares rose 2.1 percent to close at $72.04 in New York. Teva’s American depositary receipts rose 1.3 percent to $60.70.

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