Mylan has completed the acquisition of non-US developed markets specialty and branded generics business from Abbott Laboratories, in an all-stock transaction valued at $5.3bn.

Mylan executive chairman Robert Coury said: "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 optimised global tax structure and greater balance sheet capacity, all of which position us exceptionally well for future opportunities."

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"Mylan shareholders now hold around 78% of Mylan NV, while Abbott owns the remaining 22% in the company."

As per terms of the previous transaction agreement announced in July 2014, Abbott received 110 million shares of Mylan NV, a new public company organized in the Netherlands.

Mylan shareholders now hold around 78% of Mylan NV, while Abbott owns the remaining 22% in the company.

Mylan has reorganised the acquired non-US developed markets specialty and branded generics business under Mylan NV, which will be monitored by Mylan executive team.

Mylan CEO Heather Bresch said: "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."

Under the deal, Mylan acquired assets on a debt-free basis, including a portfolio of around 100 specialty and branded generic pharmaceutical products in five therapeutic areas, in addition to several patent protected, novel and/or hard-to-manufacture products with continued growth potential.

The five therapeutic areas include cardio/metabolic, gastrointestinal, anti-infective/respiratory, CNS/pain and women’s and men’s health.