Perrigo Fends Off Hostile Mylan Bid

Perrigo shareholders have rejected a $26 billion takeover bid from Mylan. Joseph C. Papa, CEO of Perrigo, a manufacturer of store-branded generic drugs, says the offer “significantly undervalued our durable business model and industry-leading future growth prospects.” The demise of the deal signals the end to a run of merger moves among generic drug firms in 2015, including Teva Pharmaceutical Industries’ thwarted attempt to acquire Mylan this summer. Teva instead bought the generics business of Allergan in July. Allergan acquired the specialty pharmaceuticals business of Actavis in March.