Mylan Responds to ISS Recommendation Regarding Perrigo Transaction, Confident Acquiring Perrigo Is Right Next Strategic Step

Mylan N.V. MYL today issued the following statement in response to the report issued by Institutional Shareholder Services (ISS) regarding Mylan's proposed acquisition of Perrigo Company plc PRGO. Mylan notes that other leading proxy advisory firms, Glass Lewis and Egan-Jones, earlier in the week issued reports recommending Mylan shareholders vote in favor of the Perrigo transaction. Mylan's Executive Chairman Robert J. Coury commented, "While today's report from ISS repeatedly recognizes the clear industrial logic and solid business strategy of combining Mylan and Perrigo, it misunderstands and/or underestimates, without a meaningful basis, many other key aspects of the transaction. In particular, ISS fails to comprehend the potential for medium and long-term value creation for Mylan shareholders, the compelling synergy opportunity, the potential for meaningful multiple expansion and the ability to take advantage of the continuing consolidation in our industry. "We are confident that acquiring Perrigo is the right next strategic step for Mylan and its shareholders in continuing to deliver on our stellar track record of creating significant and sustained value for our shareholders. As ISS acknowledges, together Mylan and Perrigo will create a unique profile within the industry with complementary businesses and unmatched scale in our operations. Further, we will have one of the industry's broadest and most diversified portfolios, and immense reach across distribution channels around the world, allowing us to mean the most to our customers and consumers. We remain firm that we expect at least $800 million of annual pre-tax operational synergies by the end of year four, substantial free cash flows and meaningful multiple expansion. Importantly, the diversity, size and scale created by this combination will allow us to continue to be a leading consolidator in our industry. "We have spent a great deal of time talking to our shareholders about this opportunity and remain extremely confident we will receive their support. We note that Abbott Laboratories, our largest shareholder owning approximately 14.25% of Mylan's outstanding shares, already has announced its intention to vote in favor of the acquisition. We intend to launch our offer to acquire Perrigo's ordinary shares after we receive the approval of our shareholders at our upcoming extraordinary general meeting, and are even more confident following the ISS report that Perrigo shareholders also will recognize the compelling, value-enhancing opportunity in this combination." Mylan recommends its remaining shareholders to vote "FOR" the proposal to approve the Perrigo transaction described further in its definitive proxy statement that has been filed with the SEC.