Mylan N.V., a leading global pharmaceutical company (Mylan), announced a
recommended public offer to the shareholders of Meda Aktiebolag (publ.)
(Meda) to tender all their shares in Meda to Mylan (the Offer). The
total offer consideration consists of a combination of cash and Mylan
ordinary shares (Mylan Shares) with a value at announcement of SEK 165
per Meda share. The total value of the offer for all Meda shares,
including Meda net debt, is approximately SEK 83.6 billion or USD 9.9
billion, which represents a multiple of approximately 8.9x 2015 adjusted
EBITDA with synergies.
The combination of Mylan and Meda will create a diversified global pharmaceutical leader with an expansive portfolio of branded and generic medicines and a strong and growing portfolio of over-the-counter (OTC) products. The combined company will have a balanced global footprint with significant scale in key geographic markets, particularly the US and Europe. The acquisition of Meda also provides Mylan with entry into a number of new and attractive emerging markets, including China, Southeast Asia, Russia, the Middle East and Mexico, complemented by Mylan's presence in India, Brazil and Africa. Mylan and Meda have a highly complementary therapeutic presence, which will create a leading global player in respiratory/allergy, and achieve critical mass in dermatology and pain, offering greater opportunities for growth in these categories.
The offer has been unanimously approved by Mylan's board of directors and unanimously recommended by Meda's board of directors. Meda's two largest shareholders, representing in the aggregate approximately 30 per cent of Meda's outstanding shares, have undertaken to accept the offer, subject to certain conditions. Meda's shares are listed on Nasdaq Stockholm, Large Cap. The offer is subject to the satisfaction of a number of customary conditions, including clearance from relevant competition authorities, and is expected to be completed by the end of the third quarter of 2016. The offer is not subject to approval by Mylan shareholders and is not subject to any financing conditions
The combination of Mylan and Meda will create a diversified global pharmaceutical leader with an expansive portfolio of branded and generic medicines and a strong and growing portfolio of over-the-counter (OTC) products. The combined company will have a balanced global footprint with significant scale in key geographic markets, particularly the US and Europe. The acquisition of Meda also provides Mylan with entry into a number of new and attractive emerging markets, including China, Southeast Asia, Russia, the Middle East and Mexico, complemented by Mylan's presence in India, Brazil and Africa. Mylan and Meda have a highly complementary therapeutic presence, which will create a leading global player in respiratory/allergy, and achieve critical mass in dermatology and pain, offering greater opportunities for growth in these categories.
The offer has been unanimously approved by Mylan's board of directors and unanimously recommended by Meda's board of directors. Meda's two largest shareholders, representing in the aggregate approximately 30 per cent of Meda's outstanding shares, have undertaken to accept the offer, subject to certain conditions. Meda's shares are listed on Nasdaq Stockholm, Large Cap. The offer is subject to the satisfaction of a number of customary conditions, including clearance from relevant competition authorities, and is expected to be completed by the end of the third quarter of 2016. The offer is not subject to approval by Mylan shareholders and is not subject to any financing conditions
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