What: Shares of Mylan N.V. (NASDAQ:MYL), a leading manufacturer of generic drugs, were up more than 13% in early morning trading today after news was released that its most recent attempt to takeover fellow drugmaker Perrigo (NYSE:PRGO) has failed. Perrigo's investors do not appear to be quite as thrilled with the news as its shares are currently down more than 7% today. 

So what: It's not every day that you see a stock go up from a failed takeover attempt, but since this deal was worth an estimated $26 billion and has been dragged out for months now, I certainly can understand why investors are relieved to have a final answer.

Mylan made its initial attempt to takeover Perrigo back in April, and shares of both companies shot up on the day of the announcement. However, that bid was quickly rejected, but Mylan was undeterred and decided to go the hostile takeover route instead, putting the deal to a vote by Perrigo's shareholders. Mylan needed more than 50% of Perrigo's shares to be tendered by today in order for the takeover to go through, but it appears that they fell a bit short of that goal, as only 40% of shares were tendered in time.  

Now what: In the release, Robert J. Coury, Mylan's Executive Chairman, stated: 

Mylan viewed Perrigo as a unique and exciting opportunity, but not one that was required for the future success of our company.

The company also confirmed in the release that it still expected to deliver on its long-term target of "at least" $6.00 in adjusted diluted EPS by 2018.

Given that Mylan just recently affirmed that its earnings will come in at the high end of the $4.15-$4.35 range that it is guiding for in 2015, even after today's pop Mylan's stock is trading for less than 12 times full year estimates. If the company is successful in reaching its 2018 earnings target, then buying a few shares of Mylan even after today's move might prove to be a good decision in the long run. 

Brian Feroldi has no position in any stocks mentioned. The Motley Fool recommends Mylan. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.