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Abbott to sell portion of generic drug business for $5.3 billion
Abbott to sell portion of generic drug business for $5.3 billion

Abbott Laboratories has agreed to sell its branded generic drug business in developed countries to Mylan Inc. in a deal valued at $5.3 billion. The deal, announced Monday, allows the Chicago-area firm to shed its branded generic drug operations in Europe, Japan, Canada, Australia and New Zealand to focus on Latin America and other emerging markets.  As part of the transaction, Abbott will have a 21% stake in a newly formed public company that combines Mylan’s existing business and the developed generic operations Abbott is selling. That new firm, Mylan N.V, will be incorporated in the Netherlands, allowing Mylan to reduce its corporate taxes. Mylan said it will keep its...

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