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Mylan set to buy Abbott drug assets

Jul. 11, 2014 7:48 PM ETViatris Inc. (VTRS) StockABT, TEVA, AGN, VTRSBy: Douglas W. House, SA News Editor3 Comments
  • 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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