POTTERS BAR, England and
PITTSBURGH, Feb. 27, 2015 /PRNewswire/ -- Mylan N.V. and
Mylan Inc. (Nasdaq: MYL) today announced the successful completion
of the acquisition of Abbott Laboratories' (NYSE: ABT) non-U.S.
developed markets specialty and branded generics business.
Executive Chairman Robert J.
Coury commented, "Today marks the beginning of the next
exciting chapter of growth for Mylan. With the completion of this
transaction, we will benefit from significantly enhanced financial
flexibility, an optimized global tax structure and greater balance
sheet capacity, all of which position us exceptionally well for
future opportunities."
Under the previously announced terms of the transaction
agreement, Abbott received 110
million shares of Mylan N.V., resulting in former Mylan Inc.
shareholders now owning approximately 78% of Mylan N.V. and
Abbott now owning approximately
22% of Mylan N.V. Mylan Inc. and Abbott's non-U.S. developed markets specialty
and branded generics business have been reorganized under Mylan
N.V., a new public company organized in the Netherlands. Mylan N.V. will be led by the
former Mylan Inc. executive team. The company will trade on Nasdaq
under the ticker symbol MYL.
Mylan CEO Heather Bresch said,
"This transaction significantly enhances our ability to pursue
additional highly strategic and financially accretive
opportunities. These new assets will build upon our exceptional
existing global platform and the strong growth strategy already in
place, and better position our company to deliver on our mission of
providing the world's seven billion people access to high quality
medicine. Not only will this transaction strengthen our financial
profile, it will significantly enhance our geographic footprint and
commercial platform in our largest non-U.S. geographies and create
critical mass across our customer sales channels.
"Today, we also welcome approximately 3,800 employees from
Abbott to Mylan, and we look
forward to the contributions they will make to our combined
organization as they take up our cause of delivering better health
for a better world."
Forward-Looking Statements
This press release
contains "forward-looking statements." These statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements may
include, without limitation, statements about the acquisition (the
"Transaction") by Mylan N.V. ("Mylan") of both Mylan Inc. and
Abbott Laboratories' non-U.S. developed markets specialty and
branded generics business (the "Business"), benefits and synergies
of the Transaction, future opportunities for Mylan and products and
any other statements regarding Mylan's future operations,
anticipated business levels, future earnings, planned activities,
anticipated growth, market opportunities, strategies, competition,
and other expectations and targets for future periods. These may
often be identified by the use of words such as "will", "may",
"could", "should", "would", "project", "believe", "anticipate",
"expect", "plan", "estimate", "forecast", "potential", "intend",
"continue", "target" and variations of these words or comparable
words. Because forward-looking statements inherently involve risks
and uncertainties, actual future results may differ materially from
those expressed or implied by such forward-looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to: the ability to meet expectations regarding
the accounting and tax treatments of the Transaction; changes in
relevant tax and other laws; the integration of the Business being
more difficult, time-consuming or costly than expected; operating
costs, customer loss and business disruption (including, without
limitation, difficulties in maintaining relationships with
employees, customers, clients or suppliers) being greater than
expected following the Transaction; the retention of certain key
employees of the Business being difficult; the possibility that
Mylan may be unable to achieve expected synergies and operating
efficiencies in connection with the Transaction within the expected
time frames or at all and to successfully integrate the Business;
expected or targeted future financial and operating performance and
results; the capacity to bring new products to market, including
but not limited to where Mylan uses its business judgment and
decides to manufacture, market and/or sell products, directly or
through third parties, notwithstanding the fact that allegations of
patent infringement(s) have not been finally resolved by the courts
(i.e., an "at-risk launch"); the scope, timing and outcome of any
ongoing legal proceedings and the impact of any such proceedings on
financial condition, results of operations and/or cash flows; the
ability to protect intellectual property and preserve intellectual
property rights; the effect of any changes in customer and supplier
relationships and customer purchasing patterns; the ability to
attract and retain key personnel; changes in third-party
relationships; the impacts of competition; changes in the economic
and financial conditions of the business of Mylan; the inherent
challenges, risks and costs in identifying, acquiring and
integrating complementary or strategic acquisitions of other
companies, products or assets, and in achieving anticipated
synergies; uncertainties and matters beyond the control of
management and inherent uncertainties involved in the estimates and
judgments used in the preparation of financial statements, and the
providing of estimates of financial measures, in accordance with
accounting principles generally accepted in the United States of America ("U.S. GAAP") and
related standards, or on an adjusted basis. For more detailed
information on the risks and uncertainties associated with Mylan's
business activities, see the risks described in Mylan Inc.'s Annual
Report on Form 10-K for the year ended Dec.
31, 2013, as updated by Mylan Inc.'s Current Report on Form
8-K filed on Aug. 6, 2014, Mylan
Inc.'s Quarterly Report on Form 10-Q for the period ended
June 30, 2014, Mylan Inc.'s Quarterly
Report on Form 10-Q for the period ended Sept. 30, 2014, and Mylan Inc.'s other filings
with the Securities and Exchange Commission (the "SEC"). These
risks, as well as other risks associated with Mylan, the Business
and the Transaction are also more fully discussed in the
Registration Statement on Form S-4 that New Moon B.V. (which has
been renamed Mylan N.V. and is referred to herein as Mylan) filed
with the SEC on Nov. 5, 2014, as
amended on Dec. 9, 2014, and as
further amended on Dec. 23, 2014, and
in the proxy statement Mylan Inc. filed with the SEC on
Dec. 24, 2014, as well as the
prospectus Mylan filed with the SEC on Dec.
24, 2014. You can access Mylan's and Mylan Inc.'s filings
with the SEC through the SEC website at www.sec.gov,
and Mylan strongly encourages you to do so. Mylan undertakes no
obligation to update any statements herein for revisions or changes
after the date of this press release.
Mylan is a global pharmaceutical company committed to setting
new standards in healthcare. Working together around the world to
provide 7 billion people access to high quality medicine, we
innovate to satisfy unmet needs; make reliability and service
excellence a habit; do what's right, not what's easy; and impact
the future through passionate global leadership. We offer a growing
portfolio of around 1,400 generic pharmaceuticals and several brand
medications. In addition, we offer a wide range of antiretroviral
therapies, upon which approximately 40% of HIV/AIDS patients in
developing countries depend. We also operate one of the largest
active pharmaceutical ingredient manufacturers and currently market
products in about 145 countries and territories. Our workforce of
approximately 30,000 people is dedicated to creating better health
for a better world, one person at a time. Learn more at
mylan.com.
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SOURCE Mylan Inc.