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Mylan acquires non-US specialty, branded generics assets from Abbott

US-based generic and specialty pharmaceuticals firm Mylan has completed the acquisition of Abbott Laboratories' non-US developed markets specialty and branded generics business.

The acquired business has been reorganized under Mylan N.V., a new public company organized in the Netherlands, which will be led by the former Mylan executive team.

As part of the previously announced transaction agreement, Abbott received 110 million shares of the combined company worth about $5.3bn.

Mylan shareholders now own about 78% of Mylan N.V., while Abbott owns the remaining 22%.

Mylan CEO Heather Bresch said: "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."

According to Mylan, it is acquiring the assets on a debt-free basis, including a portfolio of more than 100 specialty and branded generic pharmaceutical products in five therapeutic areas, and include several patent protected, novel and/or hard-to-manufacture products with continued growth potential.

The assets acquired on a debt-free basis, include a portfolio of over 100 specialty and branded generic pharmaceutical products in five major therapeutic areas including cardio/metabolic, gastrointestinal, anti-infective/respiratory, CNS/pain and women’s and men’s health, as well as several patent protected, new and/or hard-to-manufacture products.