Mylan To Close $1 Bln Share Repurchase Plan

(RTTNews) - Mylan N.V. (MYL) said that it is completing its $1 billion share repurchase plan.

Mylan's Chairman Robert J. Coury said, "We are very pleased to announce that Mylan is completing the $1 billion share repurchase plan previously approved by the Mylan N.V. Board of Directors. This return of capital to our shareholders comes at a time of positive momentum for Mylan, with the recent launches and approvals of several key products, our strong future growth expectations, and our belief that the diversified and unique platform we have built is substantially undervalued."

In addition and pursuant to its agreement with Abbott related to the Abbott EPD acquisition, Mylan has received notification from Abbott that it has sold its remaining 20.3 million shares of Mylan prior to year-end, removing a potential share overhang and consistent with Abbott's stated position that it did not intend to be a long-term shareholder.