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Wednesday, January 28, 2015

EU approves Mylan purchase of Abbot generics, subject to conditions, (NASDAQ: MYL)

The European Commission approved on Wednesday the acquisition of Abbot Laboratories' non-U.S. Developed Markets Specialty and Branded Generics Business (Abbott EPD-DM) by the U.S. based producer of generic pharmaceuticals Mylan Inc, subject to conditions. Abbott EPD-DM is a Swiss-based manufacturer focused on distributing branded ex-originator products with expired patents. It has internal production capabilities in Europe, Canada and Japan."The decision is conditional upon the divestment of a number of Mylan's businesses in Germany, the United Kingdom, France, Ireland and Italy," the Commission, which is also the European Union's competition authority, said in a statement."The Commission had concerns that the transaction, as initially notified, would have reduced competition on the market for several medicines. The commitments offered by Mylan address these concerns," it said.Generic drugmaker Mylan Inc agreed in July to purchase Abbott's branded specialty and generics business in developed markets outside the United States in a $5.3 billion deal that will bolster its product line and also cut its tax bill. (Reporting By Jan Strupczewski)

Mylan Inc. (Mylan) is a global pharmaceutical company, which develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals. Shares of MYL fell by 0.97% or $-0.545/share to $55.75. In the past year, the shares have traded as low as $42.43 and as high as $59.60. On average, 3331340 shares of MYL exchange hands on a given day and today's volume is recorded at 929790.