Abbott divests 60% of its stake in Mylan

Abbott (NYSE:ABT) divested 60% of its remaining stake in Mylan (NSDQ:MYL) this week, according to regulatory filings, disposing of 44 million shares at $41.60 apiece. The trade was valued at $1.7 billion.

In 2014, Mylan bought Abbott’s generics business outside the U.S. in a deal that rang in at nearly $5.3 billion. The deal allowed Canonsburg, Penn.-based Mylan to cut its tax bill by moving its tax address outside the U.S., and Abbott received an ownership stake of 21% with 105 million shares of the company.

Get the full story at our sister site, Drug Delivery Business News.

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