Mylan Pharmaceuticals announced July 14 it is buying Abbott Laboratories’ non-U.S. developed markets specialty and branded generics business in an all-stock transaction worth $5.3 billion.

Mylan, based in Canonsburg, Pennsylvania, said in a news release the acquisition would “instantly further diversify Mylan’s business and strengthen its commercial platform outside the U.S., building new opportunities for growth and additional sales channels in the acquired markets.”

The acquisition includes more than 100 specialty and branded generic pharmaceutical products in five major therapeutic areas as well as several patent-protected, novel and hard-to-manufacture products. The products include Creon, Influvac, Amitiza and Androgel. The addition is expected to double Mylan’s revenue in Europe, according to the company’s news release, and also expands Mylan’s geographical reach to stretch throughout Italy, the United Kingdom, Germany, France, Spain and Portugal.

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