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Biotech / Medical : Mylan Labs

MYL 15.86

0.0%

Nov 19 4:00 PM EST

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To: rhoffman who wrote (331)	7/4/1998 6:06:00 PM
From: Martin Wormser	Read Replies (1) of 384

Jun 24, 1998 (6:17 PM ET) - The Motley Fool Evening News Topically administered prescription products developer Penederm Inc. (Nasdaq:DERM - news) rocketed up $4 3/4 to $20 1/2 after announcing it has agreed to be acquired by generic drug maker Mylan Laboratories (NYSE:MYL - news) . Penederm shareholders will receive 0.68 Mylan shares for each Penederm share, which values the deal at around $205 million, or $21.89 a share based on Mylan's closing price yesterday. Penederm, which has a partnership with Mylan for marketing its antifungal compound Mentax, currently markets three products to dermatologists: Mentax, Avita for acne, and Acticin for scabies. Mylan expects the acquisition to be neutral to earnings per share (EPS) for this fiscal year ending March 31, 1999 (before the effects of the one-time charge for purchased R&D) and accretive to EPS in the next fiscal year.

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