Teva Provides Additional Detail on Proposed Acquisition of Mylan


Reiterates compelling strategic and financial benefits for Teva and Mylan stockholders.


JERUSALEM--(BUSINESS WIRE)--May 5, 2015-- Teva Pharmaceutical Industries Ltd. (NYSE:TEVA)(TASE:TEVA) today announced that an updated investor presentation in connection with its proposed combination with Mylan N.V. (NASDAQ: MYL) is available on the Investor Relations section of the Company's website and will be filed with the Securities and Exchange Commission ("SEC").

Erez Vigodman, President and CEO of Teva, commented, "Our strong financial and operating performance demonstrates that great people, great products and world-class execution of our strategy are coming together in a powerful way at Teva. Teva has built the foundation for accelerated growth and an even stronger future - and we will continue to evolve to deliver on our strategy and achieve our goals. Together with Mylan, we would have the infrastructure and the capabilities to more quickly pursue a differentiated business model that meets the evolving needs of patients and customers and support the highest levels of quality and clinical excellence. We are committed to making this transaction a reality and delivering the value that our stockholders and the other stakeholders of both companies deserve."

Among other things, the presentation notes:

The Teva Board and management team are committed to consummating a transaction as soon as possible, and the Company is ready and willing to meet with Mylan and its advisors immediately.

Teva's proposal is extremely attractive for Teva and Mylan stockholders and all other stakeholders.

The proposed combination makes compelling strategic, financial and cultural sense.

The combined company will have a strong and flexible financial profile, including substantial debt capacity and an investment grade rating.

Teva has carefully studied the regulatory and antitrust aspects of the combination and believes that all necessary clearances can be completed in 2015.

The strength of Teva's business, pipeline, leadership and long-term growth prospects.

The significant achievements and robust financial performance Teva has generated through its transformation.

As previously announced on April 21, 2015, Teva has proposed to acquire Mylan for $82.00 per share, with the consideration to be comprised of approximately 50 percent cash and 50 percent stock. Teva's proposal for Mylan implies a total equity value of approximately $43 billion. Teva's proposal represents a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, the last day of trading prior to widespread speculation of a transaction between Teva and Mylan. Teva's proposal is contingent on Mylan not completing its proposed acquisition of Perrigo or any alternative transactions.

Barclays and Greenhill & Co. are serving as financial advisors to Teva. Kirkland & Ellis LLP and Tulchinsky Stern Marciano Cohen Levitski & Co are serving as legal counsel to Teva, with De Brauw Blackstone Westbroek N.V. and Loyens & Loeff N.V. acting as legal advisors in the Netherlands.

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