Mylan says shareholders approve $5.3B purchase of Abbott division and move to the Netherlands
Generic drugmaker Mylan said Thursday that its shareholders approved its purchase of an Abbott Laboratories business and its tax-reducing move to the Netherlands.
The company also said European Union regulators cleared the deal, which Mylan values at about $5.3 billion.
In July the company agreed to buy an Abbott division that sells specialty drugs and branded generic drugs in developed markets outside the U.S. It said the business had about $2 billion in revenue in 2013, and the move is intended to diversify and expand Mylan's business outside the U.S.
As part of the purchase, Mylan will reorganize in the Netherlands as a company called Mylan NV, reducing its tax expenses.
Mylan, which will keep its headquarters in Canonsburg, Pennsylvania, expects to complete the deal during the first quarter. Mylan says Abbott will own 22 percent of Mylan NV but that it won't be a long-term shareholder.
Abbott, which is based in North Chicago, Illinois, will keep its emerging-market branded and specialty generic drug business, which had $2.9 billion in revenue in 2013.
Shares of Mylan Inc. lost 42 cents to $54.82 in midday trading.