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Mylan to Buy Abbott’s Generic Drug Business Outside U.S. for $5.3 Billion

14/07/2014 by

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Abbott Laboratories said on Monday that it had agreed to sell its established generic drug business outside the United States to the generic drug maker Mylan in an all-stock deal that valued at about $5.3 billion.

Under the deal, Abbott will take a 21 percent stake worth about $5.3 billion in a new company that combines Mylan’s existing business with Abbott’s developed markets pharmaceuticals operations in Europe, Japan, Canada, Australia and New Zealand.

The transaction will allow Mylan to engage in a so-called inversion: the Pennsylvania company would reincorporate in the Netherlands to lower its corporate taxes and to free up cash held in overseas entities.

Mylan, whose headquarters are in Pittsburgh, unsuccessfully pursued the Swedish drug maker Meda this year in hopes of engaging in an inversion.

“We have been actively looking at a wide range of opportunities, and the acquisition of this business is absolutely the right next strategic transaction for Mylan as it builds on our strong momentum, expands and further diversifies our business in our largest markets outside of the U.S.,” Robert J. Coury, the Mylan executive chairman, said in a statement.

This article has been extracted from http://dealbook.nytimes.com, please click on this link to read the article in full http://dealbook.nytimes.com/2014/07/14/mylan-to-buy-generics-drugs-business-outside-u-s-from-abbott-for-5-3-billion/

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