Mylan NV offered to buy fellow drugmaker Perrigo Co. for $28.9 billion, a deal that would create a powerhouse for generic medicine.

Mylan, which makes about 1,400 medications, offered $205 a share in cash and stock for Perrigo, according to a statement Wednesday. That represents a 25 percent premium over Tuesday’s closing price for Perrigo, which makes a range of products including skin gels, injectables and nasal sprays. Perrigo said its board will meet to discuss the proposal and that there’s no certainty an offer will be made.

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