Mylan is clearly not giving up on its efforts to acquire Perrigo. Generic pharma giant Mylan Labs announced on Wednesday that it had raised its buyout offer for Perrigo yet again. Industry analysts note the firm is itself trying fend off a takeover by Teva Phamaceuticals.

Mylan Ups Perrigo Offer To $242 Per Share

With the new bid, Perrigo shareholders will receive $75 in cash and 2.3 Mylan shares for each Perrigo  share. Late last week, the firm upped its original offer to $60 and 2.2 shares of Mylan. This offer valued Perrigo at close to $222 a share (total value of $33 billion). Mylan’s initial bid was for $205 per share in an unspecified mix of cash and stock.

Mylan shares were up 0.2% in early trading, and shares of Perrigo gained 1.6%.

Neither firm was willing to make a comment to the media at this point.

Statement from Mylan chairman

“With this enhanced offer, I look forward to meeting with Joe Papa and his team to finalize the implementation of this truly compelling combination, which is a win-win for both Mylan and Perrigo shareholders and all other stakeholders,” Mylan’s executive chairman, Robert J. Coury, commented in a statement released Wednesday.

Coury also noted that the company has made a “’hell or high water’ commitment” to finalize the deal and get the required regulatory clearances.

More on Mylan – Perrigo takeover battle

If the deal goes through, Mylan shareholders would own close to 61% of the combined company, while Perrigo shareholders would end up with around 39%.

Perrigo has rejected all of Mylan’s earlier bids, claiming they significantly undervalued the firm.

Of note, pharma industry analysts point out Mylan is itself the target of a proposed $40 billion takeover from Teva Pharmaceutical. Earlier this week, Coury strongly criticized potential acquirer Teva, questioning the credibility of Erez Vigodman, Teva’s CEO, and calling Teva a “dysfunctional culture.” He also called the Israel-based generic drug giant a “poorly performing, troubled company” that has displayed “consistent underperformance.”