Teva indicated to Maris that it doesn't comment on speculation, he said in
the note, and "Teva underscored that this issue has been raised repeatedly
in the past year and each time has not been true. Teva also underscored that
nothing has changed in Teva's business development goals, which remain more
focused on branded opportunities, and then within generics, more focused on
emerging markets, and not focused on doubling down on U.S. generics where it
already has sufficient scale."
There are significant corporate cultural differences, regulatory challenges
and financial hurdles that would make such a deal "highly
improbable," Maris said in the research note emailed to IBD. While the
rumor mill was grinding away Wednesday, Mylan was busy with drug introductions.
The company announced the U.S. launch of its Fentanyl Transdermal System, a
pain medication, in three new intermediate dosages. It also launched
Buprenorphine Hydrochloride Sublingual Tablets in two dosages — a generic for
Reckitt Benckiser's Subutex Sublingual Tablets, used to treat opioid
dependence.
Mylan also launched Disulfiram Tablets in two dosages — the generic version
of Odyssey Pharmaceuticals' Antabuse, used in sobriety management of some
chronic alcohol patients. Mylan is in the fast-moving Medical-Generic Drugs
industry group and is its fourth-largest company by market cap, after Actavis, Teva
and Perrigo. The group ranks No. 5 out of 197 tracked.
Highest-rated companies in the group, besides Mylan, include Akorn,
Actavis, Lannett and Mallinckrodt. Akorn, an IBD 50 stock, rose 3.4% Wednesday,
finding support at its 50-day moving average after falling Tuesday as business.
As for Mylan, it was featured two weeks ago in IBD's The New America. The
company makes generic and branded drugs to treat cardiovascular and central
nervous system illnesses, along with other disorders. Its product lineup will
grow dramatically when it finalizes the $5.3 billion acquisition of Abbott
Laboratories' branded specialty and generic-drugs business in developed foreign
markets.
BMO's Maris cautioned investors be wary of M&A rumors.
"We believe that in a consolidating and deal-frenzied sector it is not
wise to ever consider a deal completely out of the realm of speculation,"
he wrote, "but we believe this speculation is not only untrue but
reflective of a sector environment where deal speculation is driving stocks
with little regard to the rationale of the speculation."
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