Abbott To Sell Portion Of Generic Drug Business For $5.3 Billion – los Angeles Times

(Associated Press) Emerging Market Abbott Laboratories Abbott will have a 21% stake in a newly formed company with Mylan Abbott Laboratories has agreed to sell its branded generic drug business in developed countries to Mylan Inc. in a deal valued at $5.3 billion. The deal, announced Monday, allows the Chicago-area firm to shed its branded generic drug operations in Europe, Japan, Canada, Australia and New Zealand to focus on Latin America and other emerging markets. As part of the transaction, Abbott will have a 21% stake in a newly formed public company that combines Mylans existing business and the developed generic operations Abbott is selling. Two U.S. senators asked Gilead Sciences Inc. to produce documents explaining why its new hepatitis C drug is priced at $84,000 per treatment course, raising renewed concerns over the high costs to taxpayers.
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