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The generic drug maker Mylan has proposed to acquire its rival Perrigo in a cash and stock deal valued at close to $29 billion. The combined firm would be one of the world’s leading suppliers of generic and over-the-counter drugs, with annual sales of more than $15 billion. Mylan and Perrigo are both former U.S.-based firms that incorporated in Europe through inversion acquisitions: Mylan bought Abbott’s European generics business last year, and Perrigo acquired Ireland’s Elan in 2013. Perrigo says it has received the proposal and that its board will discuss it.
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