Abbott has agreed to sell its ex-US developed markets branded generics pharmaceuticals business to Mylan in exchange for a 21% equity stake in a new public company based in the Netherlands that will also include Mylan’s existing business. With the acquisition, Mylan will gain a portfolio of more than 100 speciality and branded generic products and will see its global effective tax rate fall from approximately 25% at present to less than 21% in the first full year and thereafter drop to the high teens.