Teva acquires stake in Mylan as $40bn takeover efforts continue

Teva has taken another step in its efforts to secure a deal to acquire fellow drugmaker Mylan by purchasing a small stake in the company.

The firm has acquired a 1.35 percent stake in Mylan through purchases on the open market, completing more than 13,000 transactions and buying stock at prices between $69 and $71 (45.20 pounds and 46.50 pounds) each on average.

Earlier this year, Teva has offered Mylan investors $82 a share, split equally in cash and shares, as part of a rejected takeover bid for the company. In total, the proposed deal would be worth around $40 billion.

Mylan, which is interested in purchasing the Irish healthcare firm Perrigo, turned down the offer from Teva, as it claims the amount undervalues the organisation.

However, Teva continues to push to meet with representatives of Mylan and their advisers to discuss the deal further.

A statement from the company said: "Acquiring shares of Mylan underscores our commitment to consummating a transaction as soon as possible, and demonstrates our confidence in the strategic, financial and cultural merits of a Teva-Mylan combination."