Mylan closes deal on Abbott Laboratories' non-U.S. developed markets specialty and branded generics business

POTTERS BAR, England — Mylan on Friday announced the successful completion of the acquisition of Abbott Laboratories' non-U.S. developed markets specialty and branded generics business.

 

"Today marks the beginning of the next exciting chapter of growth for Mylan," stated Robert Coury, Mylan executive chairman. "With the completion of this transaction, we will benefit from significantly enhanced financial flexibility, an optimized global tax structure and greater balance sheet capacity, all of which position us exceptionally well for future opportunities."

 

Under the previously announced terms of the transaction agreement, Abbott received 110 million shares of Mylan, resulting in former Mylan shareholders now owning approximately 78% of Mylan and Abbott now owning approximately 22% of Mylan. 

 

Mylan and Abbott's non-U.S. developed markets specialty and branded generics business have been reorganized under Mylan N.V., a new public company organized in the Netherlands. Mylan N.V. will be led by the former Mylan executive team. The company will trade on Nasdaq under the ticker symbol MYL.