Breaking News Bar
updated: 7/14/2014 7:35 AM

Mylan to buy Abbott business line in $5.3B deal

hello
Success - Article sent! close
  • The generic drugmaker Mylan is buying Liberty Township's Abbott Laboratories' generic-drugs business in developed markets for stock valued at about $5.3 billion.

      The generic drugmaker Mylan is buying Liberty Township's Abbott Laboratories' generic-drugs business in developed markets for stock valued at about $5.3 billion.
    File poto

 

Associated Press

The generic drugmaker Mylan is buying Liberty Township's Abbott Laboratories' generic-drugs business in developed markets for stock valued at about $5.3 billion.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Mylan says the deal will diversify and expand its business outside the U.S. The combined company will be organized in the Netherlands and headquartered in Pittsburgh, which help reduce tax expenses.

The business to be acquired encompasses generic and specialty drugs sold in Europe, Japan, Canada, Australia and New Zealand. They accounted for about $2 billion in sales last year.

Abbott is keeping its branded generic drug business in emerging markets.

Abbott will own about 21 percent of the combined Mylan company but does not intend to remain a long-term shareholder.

The deal is expected to close in early 2015.

Mylan is based in Canonsburg, just outside of Pittsburgh.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here