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Monday, July 14, 2014

Mylan to purchase Abbott's non-US specialty, branded generics assets, (NASDAQ: MYL)

Generic drugmaker Mylan Inc said it would purchase Abbott Laboratories' specialty and branded generics business outside the United States in an all-stock transaction valued at about $5.3 billion. Abbott will receive 105 million shares of the combined company worth.

Mylan Inc. (Mylan) is a fully integrated global pharmaceutical company that develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals. Shares of MYL fell by 1.0% or $-0.505/share to $50.20. In the past year, the shares have traded as low as $31.64 and as high as $57.52. On average, 4053860 shares of MYL exchange hands on a given day and today's volume is recorded at 2647473.