Abbott To Sell One-Third of Its Stake in Mylan

Abbott is selling approximately one-third of its stake in Mylan following the close of Mylan’s acquisition of Abbott’s non-US developed specialty and branded drugs in developed markets for $5.3 billion. With that deal, which closed in late February 2015, Abbott gained an approximate 22% stake in Mylan. Abbott announced that it is selling 35 million share of Mylan, representing about one-third of its stake in Mylan.

The companies had announced the deal in July 2014 and closed on the deal in late February 2015 under which Abbott received 110 million shares of Mylan N.V., resulting in former Mylan Inc. shareholders owning approximately 78% of Mylan N.V., and Abbott owning approximately 22% of Mylan N.V. Mylan Inc. and Abbott’s non-U.S. developed markets’ specialty and branded generics business were subsequently reorganized under Mylan N.V., a new public company organized in the Netherlands.

The recent offering of 35 million of Mylan shared was conducted through Abbott’s subsidiaries, Abbott France, Abbott Gibraltar, and Abbott Luxembourg.

The shares for sale have been priced at $58.35 per share. Abbott has also granted the underwriters an option to purchase an additional 5,250,000 ordinary shares. The net proceeds from the offering will be approximately $1.99 billion (or $2.29 billion if the option is exercised) after estimated underwriting discounts, commissions and offering expenses. The 35 million ordinary shares being sold (or 40,250,000 ordinary shares if the underwriters’ option is exercised) represent 31.8% or (36.6% if the option is exercised) of the 110 million ordinary shares currently owned by Abbott.

Source: Mylan and Abbott

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