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Much-needed restorative

Billionaire investor John Paulson comes to the rescue of the drugmaker Mylan with a 7-million-share purchase

UK-based drugmaker Mylan has received a boost in its fight to stave off a takeover bid from Israeli pharma company Teva. Billionaire investor John Paulson has put his weight behind the company by boosting his stake in it through his fund. Paulson & Co’s 7-million-share purchase put its stake in the pharma company at 22 million shares, worth a combined $1.6 billion. Of course, Mylan is guilty of having made three unsuccessful attempts to acquire Irish OTC drugmaker Perrigo. While Mylan is not looking forward to its just desserts in the Teva case, its fight has definitely received a fillip from Paulson.