Mylan set to buy Abbott drug assets


Reuters reports that generic drug firm Mylan (MYL -1%) is in advanced negotiations with Abbott Laboratories (ABT +0.1%) to purchase a multibillion dollar portfolio of its established off-patent Europe-based drugs. The transaction is a tax inversion deal that will enable Mylan to redomicile in Switzerland.

Mylan has been in the hunt for foreign assets since its failed attempt to buy Swedish drugmaker Meda AB earlier this year. Its two main competitors, (TEVA +0.9%) and Actavis (ACT +0.5%) are domiciled in lower tax countries.

Abbott will use the proceeds of the sale, rumored to be as high as $5B, to invest in higher growth opportunities.

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Comments (3)
  • jozpad
    , contributor
    Comments (11) | Send Message
     
    More companies Lviv America ....... Keep the taxes going dems.... Won't b long til it's all over.
    12 Jul 2014, 02:34 PM Reply Like
  • TertiumQuid
    , contributor
    Comments (23) | Send Message
     
    You're lucky that it's NOT over after the most catastrophic, devastatingly disastrous presidential sewage of all time perpetrated one last "eff you, Americans!" -- The Great Bush Recession -- before oozing away into the ignominious and shameful sewers of history. I'll take our President's 144% market recovery over some whining, excuse-making nutbagger any day.
    14 Jul 2014, 03:39 AM Reply Like
  • Scootrd
    , contributor
    Comments (371) | Send Message
     
    If I were to submit an article to SA it would be an update to Barry Cohen's 2011 article titled "Investors Still Must Pick Generic Drug Companies By Hand" High-risk copycat sector still without an ETF.

     

    It's time for a Generic Drug ETF !!!!

     

    http://bit.ly/1klGVQM

     

    Just my two cents
    13 Jul 2014, 01:49 PM Reply Like
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