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What Perrigo and Teva Can Learn From Mylan’s Share Repurchase

Mylan N.V. (NASDAQ: MYL) and Perrigo Co. PLC (NYSE: PRGO) have recently been tangled up in tender offer that was ultimately defended against by Perrigo. It almost seemed like Mylan was getting a dose of its own medicine after fending off a buyout from Teva Pharmaceuticals Industries Ltd. (NYSE: TEVA) in a similar manner.

In much the same fashion Perrigo shares pulled back like Mylan as a result.

What’s the next step now? Mylan announced Monday that it would be conducting a share repurchase for up to $1 billion. This authorization will expire in late August 2016, and it is worth noting that is a much faster timeline for repurchasing than most companies would give. The amount also accounts for roughly 4% to 5% of its...