UPDATE 1-Abbott says its payoff from Mylan deal surged

April 22, 2015 4:09 PM

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April 22 (Reuters) - Abbott Laboratories on Wednesday said its initial proceeds of $5.3 billion from the recent sale to Mylan of part of its generic drug business were now worth more than $7 billion because of appreciation of the stock it obtained in the deal.

Under the deal, Abbott transferred generic and specialty drugs it had sold in Europe, Japan, Canada, Australia and New Zealand to a new publicly traded company in the Netherlands that also included Mylan's existing businesses.

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