Mylan to buy Abbott generics, cut taxes, in $5.3 billion deal

[riky]

Mylan to buy Abbott generics, cut taxes, in $5.3 billion deal

<p><a href="http://news.yahoo.com/mylan-buy-abbotts-non-u-specialty-branded-generics-105048351--finance.html"><img src="http://l2.yimg.com/bt/api/res/1.2/2e8xx4.wplwptoBnfOipnw--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-07-14T135050Z_2_LYNXMPEA6D0OB_RTROPTP_2_MARKETS-STOCKS.JPG" width="130" height="86" alt="Traders gather at the booth that trades Abbott Laboratories on the floor of the New York Stock Exchange" align="left" title="Traders gather at the booth that trades Abbott Laboratories on the floor of the New York Stock Exchange" border="0" /></a>Generic drugmaker Mylan Inc said on Monday it would buy Abbott Laboratories' 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. The deal gives Mylan a wide array of Abbott brands that have annual sales of almost $2 billion in those markets, including gastroenterology drug Creon, pain drug Brufen and influenza vaccine Influvac. It has been structured to help Mylan reduce its tax bill, by moving its tax address outside the United States, a practice known as tax inversion that has become popular among healthcare companies. &quot;We see Mylan creating a platform for potential future acquisitions with this deal,&quot; thanks to revenue from the Abbott products and a lowered tax rate of 20 to 21 percent in the first full year and high-teens later on, said JP Morgan analyst Chris Schott.</p><br clear="all"/>

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