Abbott Labs Supports Mylan's Bid To Buy Perrigo

Abbott Laboratories said on Tuesday it plans to vote its 14.5% stake in Mylan N.V. to support Mylan's bid to buy generics company Ireland-based Perrigo Co. . "As both Mylan's largest shareholder and its partner through our continued manufacturing relationships, Abbott has considered the entire situation and we believe Mylan's standalone strategy and acquisition of Perrigo will further enhance its platform, is strategically compelling, value enhancing for shareholders, and offers a clear path to completion," said Abbott Chief Executive Miles White. Mylan has been trying to buy Perrigo, which rejected its latest bid of more than $34 billion, while also trying to fend off a takeover attempt by Teva Pharmaceutical Industries . In response to Abbott's support, Mylan CEO Robert Coury said: "We are very pleased that, while Abbott is under no obligation to do so, Abbott has voluntarily chosen to express its support of Mylan, our strategic growth plan and stand-alone strategy, and our proposed combination with Perrigo." Mylan's stock was down 2% premarket, while Perrigo shares climbed 2.5%. Abbott's stock was still inactive.