Mylan to Acquire Abbott's Generics; Forms New Company

July 15, 2014

Mylan Inc. is buying Abbott Laboratories’ generic drug business in established markets and forming a new company that will be incorporated in the Netherlands, cutting its taxes, according to a Bloomberg article.

Abbott will get 21 percent of the new organization, a share valued at about $5.3 billion, the Abbott Park, Illinois-based company said in a statement. Setting up in the Netherlands will drop Mylan’s tax rate to less than 21 percent in the first year, subsequently declining to the high teens. The company will be run by Mylan’s executive team from Pittsburgh, where Mylan’s headquarters are now. Read the full story