Mylan Inc. announced the successful completion of the acquisition of Abbott Laboratories' non-U.S. developed markets specialty and branded generics business.
POTTERS BAR, England and PITTSBURGH, Feb. 27, 2015 /PRNewswire/ -- Mylan N.V. and Mylan Inc. (Nasdaq: MYL) today announced the successful completion of the acquisition of Abbott Laboratories' (NYSE: ABT) non-U.S. developed markets specialty and branded generics business.
Executive Chairman Robert J. Coury commented, "Today marks the beginning of the next exciting chapter of growth for Mylan. With the completion of this transaction, we will benefit from significantly enhanced financial flexibility, an optimized global tax structure and greater balance sheet capacity, all of which position us exceptionally well for future opportunities."
Under the previously announced terms of the transaction agreement, Abbott received 110 million shares of Mylan N.V., resulting in former Mylan Inc. shareholders now owning approximately 78% of Mylan N.V. and Abbott now owning approximately 22% of Mylan N.V. Mylan Inc. and Abbott's non-U.S. developed markets specialty and branded generics business have been reorganized under Mylan N.V., a new public company organized in the Netherlands. Mylan N.V. will be led by the former Mylan Inc. executive team. The company will trade on Nasdaq under the ticker symbol MYL.
Mylan CEO Heather Bresch said, "This transaction significantly enhances our ability to pursue additional highly strategic and financially accretive opportunities. These new assets will build upon our exceptional existing global platform and the strong growth strategy already in place, and better position our company to deliver on our mission of providing the world's seven billion people access to high quality medicine. Not only will this transaction strengthen our financial profile, it will significantly enhance our geographic footprint and commercial platform in our largest non-U.S. geographies and create critical mass across our customer sales channels.
"Today, we also welcome approximately 3,800 employees from Abbott to Mylan, and we look forward to the contributions they will make to our combined organization as they take up our cause of delivering better health for a better world."