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Israeli drug giant Teva Pharmaceutical Industries (TEVA) dropped its hostile bid for Mylan (MYL) and instead agreed to buy the global generic-drug business of Allergan (AGN) Monday. Teva’s and Allergan’s stocks both jumped, while Mylan’s plunged. Teva agreed to pay $33.75 billion in cash and $6.75 billion in stock for Allergan’s Actavis business, with Allergan retaining 50% of the future money from Teva’s generic lenalidomide, better known as Scalper1 News
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