Actavis Inc. rejected a cash-and-stock offer from fellow generic drugmaker Mylan Inc. for $15 billion, deciding instead to pursue talks to take over Warner Chilcott (WCRX) Plc, said people familiar with the matter.
The Mylan offer valued Actavis at $120 a share and would have created the world’s largest generic drugmaker, said sources, who asked not to be named because the discussions were private. It is reported that Mylan and Warner Chilcott both approached Actavis in recent weeks to discuss potential deals when news of merger talks with Valeant Pharmaceuticals International Inc. leaked. Read the full story.