Teva invests in Mylan in continued buyout effort

Mylan continues efforts to buy out Irish company.
Mylan continues efforts to buy out Irish company.

JERUSALEM – Teva Pharmaceuticals Ltd. made another move Friday toward a potential buyout of Mylan.

Teva purchased 4.61 percent Mylan’s outstanding shares. The investment is enough to allow Teva to take the buyout proposal to Dutch officials for approval to continue.

Earlier this month, Teva increased ownership of Mylan from 1.8 percent to 2.2 percent. A $40 billion dollar proposal was made to acquire the company with a manufacturing plant in Morgantown.

Meanwhile, Mylan announced this week that the company’s largest stakeholder, Abbott Laboratories, supports plans to purchase Irish drug maker Perrigo.