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Teva formalises offer to acquire Mylan for $82 a share in cash and stock

LONDON (ShareCast) - Teva Pharmaceuticals has launched a bid to acquire sector peer Mylan (Berlin: 6MY.BE - news) in a cash and stock deal. According to the Wall Street Journal, Teva has proposed to acquire drug maker Mylan for about $40bn in cash and stock, which would value Mylan at $82 per share.

Earlier on Tuesday, shares of the Israeli-based group jumped in pre-market trade in New York, after a Bloomberg report suggested that Teva could make a public offer for Mylan as soon as Tuesday.

However, a spokesman for the group, the world's largest maker of generic drugs, said the company does not comment on rumors or reports and refused to shed any light on whether any offer would be made.

According to Bloomberg, Teva has nominated Barclays (LSE: BARC.L - news) as its advisor for the deal, though Tel Aviv-based representative of the banks also declined to confirm any details of the alleged approach.

Shares (Berlin: DI6.BE - news) in Mylan were up 8.31% at $68.04 in pre-market trade in New York, while Teva's New York Stock Exchange-listed shares were up 1.77% to $63.29.