Teva sends hot letter to Mylan's board

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


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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