Mylan CEO Says Doesn’t Have to Own Perrigo, Eyeing Other Targets

Mylan NV doesn’t need Perrigo Co. and is actively looking at other targets should the drugmaker not succeed in acquiring its rival, Chief Executive Officer Heather Bresch said.

Mylan remains committed to the $33 billion takeover, Bresch said, though Perrigo has rejected the offer. Bresch’s company has set an Aug. 28 vote for its shareholders to approve the acquisition proposal.

“We like Perrigo, but we don’t have to have Perrigo,” Bresch said on a conference call.

Perrigo shares sank on Bresch’s comments on concern the deal might not be completed. The stock fell as much as 4.9 percent before recovering to $184.14, down 2.9 percent, at 10:47 a.m. in New York. Mylan shares slid 1.1 percent to $53.98.

Mylan had told investors this year that the Perrigo deal was a better option than accepting a $40.1 billion takeover proposal from rival Teva Pharmaceuticals Industries Ltd. After meeting resistance from Mylan, Teva changed course and agreed last week to acquire Allergan Plc’s generic-drug business for $40.5 billion.

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