Mylan boosts its offer to buy Perrigo again to $34.1 billion

Generic drugmaker Mylan is again boosting its offer to buy over-the-counter medicines maker Perrigo, after its two previous offers were rejected.

Mylan says it will pay $232.23 for each share of Perrigo in a mix of cash and stock. That would value the deal at $34.1 billion.

Last week, Mylan offered $222.12 for each share of Perrigo, or $32.7 billion. That offer was rejected by Perrigo because it said it undervalued the company. Earlier in the month, Mylan offered $205 per share, or $30.1 billion.

The competitive generic drug industry has been looking for ways to consolidate. Also last week, Mylan rejected a $40.1 billion buyout offer from Israel-based rival Teva Pharmaceutical Industries Ltd. Teva wanted Mylan to drop its bid for Perrigo. Mylan said the offer undervalued the company.