PHILADELPHIA, July 14, 2014: Morgan Lewis client Mylan, Inc. (NASDAQ: MYL) announced today that it has entered into a definitive agreement with Abbott Laboratories (NYSE: ABT) whereby Mylan will acquire Abbott's non-U.S. developed markets specialty and branded generics business ("the Assets") in an all-stock transaction. Upon closing, Abbott will receive 105 million shares of the combined company worth approximately $5.3 billion based on Mylan's closing price of $50.20 on Friday, July 11, 2014, representing an approximately 21% ownership stake. The Assets, which are being acquired on a debt-free basis, include an attractive portfolio of more than 100 specialty and branded generic pharmaceutical products in five major therapeutic areas (cardio/metabolic, gastrointestinal, anti-infective/respiratory, CNS/pain and women's and men's health) and include several patent protected, novel and/or hard-to-manufacture products with continued growth potential. The transaction has been unanimously approved by Mylan's Board of Directors and is expected to close in the first quarter of 2015, subject to certain closing conditions, including regulatory clearances and approval by Mylan's shareholders.
Morgan Lewis advised Mylan on general corporate matters, including Pennsylvania legal matters. The Morgan Lewis team was led by Business and Finance partner Timothy Maxwell, with assistance from Business and Finance partners Justin Chairman and Michael Pedrick, and Business and Finance associate Stephanie Hu.