Investors in Perrigo Co. PLC aren't the only ones doing cartwheels after Mylan N.V.'s buyout proposal. Abbott Laboratories owns 75 million, or 15.4%, of Mylan's shares, which makes Abbott the largest shareholder in its fellow drug maker. With Mylan's stock up $9.40, or 16%, at an all-time high in midday trade, Abbott is making $705 million on its investment on the day. Abbott's stock was up 0.8%, and has gained 3.4% year to date, while the S&P 500 advanced 1.1%. Meanwhile, Perrigo's stock was up $37.46, or 23%, which adds $5.51 billion to the drug maker's market capitalization.
Copyright © 2015 MarketWatch, Inc.
Continue Reading Below