Mylan Stock Drops After Abbott Files To Sell About One-third Of Its Stake

MarketWatch Pulse

Shares of Mylan NV slumped 5% in premarket trade Monday, after the drug maker said it began a public offering of 35 million shares of its common stock held by Abbott Laboratories . That represents 32% of the 110 million Mylan shares owned by Abbott as of Feb. 27, according to FactSet. Mylan said Abbott is also granting the underwriters of the offering an option to buy an additional 5.25 million shares. Mylan's stock have rallied 9.3% year to date through Friday, while Abbott shares have gained 3.9% and the S&P 500 has edged up 0.1%. Abbott's stock was inactive in premarket trade.

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