Over-the-counter medicines maker Perrigo is turning down a buyout offer from generic drugmaker Mylan that valued the company at $205 per share, or almost $29 billion, because it's too low.
Perrigo said Tuesday the offer undervalues its business, including its product pipeline and its recent purchase of Belgium's Omega Pharma.
Mylan went public with its offer for Perrigo April 8, saying that if the companies joined forces, they would have $15 billion in annual sales of generic and nonprescription drugs and nutritional products.
Mylan NV is based in the Netherlands and Perrigo Co. is headquartered in Ireland.
Teva Pharmaceutical Industries Ltd., the world's largest generic drug company, offered to buy Mylan Tuesday for $40.1 billion. Teva doesn't want Mylan to buy Perrigo.
Perrigo shares fell 2.7 percent to $192.82 Tuesday.