Perrigo (PRGO) Mum On Published Merger Rumors, Potential Target For Abbott (ABT)
7/17/2014 7:58:40 AM
Free from an underperforming unit, Abbott Laboratories (ABT) is positioned to go after potential targets from Insulet Corp. to Perrigo (PRGO) Co.
Abbott said this week that it’s selling part of its generic drug business to Mylan Inc. in exchange for a 21 percent stake in the new entity, which will be based in the Netherlands for tax advantages. Abbott, which could get about $5 billion when it cashes out of that stake, may seek deals that would bolster its medical-device business. The $62 billion company could expand its presence in the diabetes market by buying Insulet or Tandem (TNDM) Diabetes Care Inc., said Leerink Partners LLC, which also sees diagnostic-equipment maker Volcano (VOLC) Corp. as a target.
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