Generics manufacturer Mylan has made an unsolicited, public offer to buy Ireland-based rival Perrigo for $205 per share. This would make the deal worth nearly $30 billion ($20 billion) if it goes ahead. 

‘This combination would result in meaningful immediate and long-term value creation, and our proposal is designed to deliver that value to shareholders and other stakeholders of both companies,’ Mylan’s executive chairman Robert Coury said in a statement. Perrigo has confirmed that it received the proposal, and says its board will discuss it.

Both companies have focused on acquisitions recently. Just a few weeks ago, Mylan completed its purchase of Abbott’s branded speciality and generics business in developed markets outside the US - a deal worth $5.3 billion, which has allowed the company to relocate its tax headquarters from the US to the Netherlands. Perrigo recently closed a multi-billion dollar takeover of Omega Pharmaceuticals.

Analysts have speculated that Mylan’s bid for Perrigo could also be an attempt to fend off a hostile takeover from Israeli pharma giant Teva, which may also be seeking acquisitions to compensate for an upcoming shortfall in profits when the patent on its top-selling multiple sclerosis drug Copaxone (glatiramer) expires later this year.