UPDATE: Teva Withdraws Proposal to Acquire Mylan

Teva Pharmaceutical Industries Ltd. TEVA today announced that it has withdrawn its cash and stock proposal to acquire all of the outstanding ordinary shares of Mylan N.V. MYL and Teva does not intend to continue to pursue a transaction with Mylan at this time. Teva's decision to terminate the proposal to acquire Mylan follows today's announcement that Teva has entered into a definitive agreement with Allergan to acquire Allergan Generics. "In light of our strategic acquisition of Allergan Generics, which will transform the industry, our Board and management team has decided that withdrawing the proposal to acquire Mylan is in the best interests of Teva stockholders," said Erez Vigodman, President and CEO of Teva. See full press release