July 14, 2014 – Mylan Inc. (Nasdaq: MYL) today announced that it has entered into a definitive agreement with Abbott (NYSE: ABT) whereby Mylan will acquire Abbott's non-U.S. developed markets specialty and branded generics business 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. Cravath, Swaine & Moore LLP represented Mylan in connection with this transaction, which 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.
The Cravath team advising Mylan was led by partners Mark I. Greene, Thomas E. Dunn and Scott A. Barshay and included associates Aaron Gruber, Evgeniya Hochenberg, Christopher K. Couvelier and Gregory D. Beaton (M&A); partners Stephen L. Gordon and J. Leonard Teti II and associates Kara L. Mungovan and Stephen R. Severo (tax); partner Eric W. Hilfers and associates Jonathan J. Katz and Michelle M. Garrett (executive compensation and benefits); partner Christine A. Varney and associate Margaret Segall D'Amico (antitrust); partners William V. Fogg, Andrew J. Pitts and George E. Zobitz and associate Katerina M. Novak (finance); partner Matthew Morreale (environmental); partner David J. Kappos and practice area attorney Anthony N. Magistrale (intellectual property); senior attorney John Gerhard (real estate); and partner David M. Stuart and associate Kyle S. Gazis (FCPA). Summer associates Alexander E. Shiekman and Christopher J. Washington also worked on M&A matters and Erik F. Stegemiller also worked on tax matters.
The Baker & McKenzie team advising Abbott included partners Olivia Tyrrell and Craig A. Roeder and associates Andrew Warmus, Matthew S. Gaudette and Meghanne Louise Downes (M&A).