Mylan Inc. (MYL)'s Overseas Move Will Lower Tax Rate
7/23/2014 7:55:58 AM
WHEELING - One of West Virginia's greatest business success stories, Mylan Pharmaceuticals, is joining the parade of drug companies and medical device makers that are moving their corporate headquarters overseas where they will enjoy a lower tax rate - a practice known as "tax inversion."
Earlier this month, Mylan announced it would acquire Abbott Laboratories' generic drug operations located outside the U.S. in a $5.3 billion all-stock deal that will see the company reincorporate in the Netherlands as New Mylan. That outfit would then become the parent company of Mylan's Pittsburgh-area operations, to be known as Mylan N.V.
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