Teva sends hot letter to Mylan's board

Reiterates commitment to engaging with Mylan's board and consummating transaction.

erez-vigodman

Mr Erez Vigodman became Teva’s president and CEO in February 2014 after joining Teva’s board of directors in 2009.

Teva Pharmaceutical Industries announced that it has sent a letter to Mr Robert J Coury, executive chairman of the board of directors of Mylan NV, in response to its rejection letter of Teva's $40 billion buyout offer. The full text of the letter reads as follows:

April 29, 2015

Robert J Coury                      Robert J Coury
Executive Chairman               c/o Mylan Inc.
Mylan N.V.                            Robert J Coury Global Center
Albany Gate, Darkes Lane      1000 Mylan Blvd.
Potters Bar, Herts                  Canonsburg, PA 15317
EN6 1AG, United Kingdom

Dear Robert:

Given the constructive tenor of our meeting last Friday and subsequent dialogue, it was disappointing that your letter of April 27 adopted such a vastly divergent tone. Your letter paints a fundamentally distorted picture of Teva and ignores its rich heritage, unique culture, industry-leading achievements and contributions that have benefited patients and healthcare systems worldwide, while for years creating substantial long-term value for our stockholders.

I firmly believe that our respective stakeholders do not support, or benefit from, mudslinging, mischaracterization, rehashing of history or selective presentation of facts. Instead, I would prefer to return the dialogue to the significant value creation opportunity that a combination of Teva and Mylan represents to the stockholders and other stakeholders of both our companies. My focus has been and will remain on Teva's deep commitment to consummating a transaction as soon as possible. To that end, we stand ready to engage with Mylan's Board of Directors in a constructive manner while continuing to pursue antitrust approvals and building upon the very positive interactions with Mylan and Teva stockholders to date.

With that objective in mind, I would like to take the opportunity to briefly address a number of the points that were raised in your letter, and provide you with clarity on these issues so as to help avoid any further misunderstandings.

 

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