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Abbott Dumps Generic Drugs Business, Looks For More Device Targets

Mylan will buy Abbott’s non-U.S. developed markets specialty and branded generics business in a stock transaction valued at around $5.3 billion, a deal that will allow it to redomicile in the Netherlands.

Abbott Laboratories Inc.’s sale of its non- U.S. developed markets specialty and branded generics business to Mylan NV for roughly $5.3 billion will allow Abbott to focus more resources into expanding its medical device businesses.

During the July 14 conference call announcing the deal with Mylan [See Deal], Abbott CEO Miles White said “In an ideal world, I'd like to see more in...

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