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Mylan rejected Teva's $41 billion bid earlier this week.
Acquisition would create leading company with potential to transform global market for generics.
Teva sought stay of lower court ruling that favored developers of generic versions of its top selling multiple sclerosis drug.
Israel-based pharmaceutical company is battling to protect key patent for $4-billion-a-year multiple sclerosis drug that is due to expire in September 2015.
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