(Reuters) – Abbott Laboratories said on Monday it is interested in bolstering its line of medical devices, but it was becoming increasingly difficult to find appropriate and affordable products.
Chief Executive Officer Miles White, in a conference call with industry analysts, said Abbott is interested in acquiring new medical optics and other products.
Earlier this week Generic drugmaker Mylan Inc said it would buy Abbott Laboratories’ branded specialty and generics business in developed markets outside the United States in a $5.3 billion deal that will bolster its product line and also cut its tax bill.
Abbott plans relatively quickly to sell its stake in the new company and use the proceeds to boost Abbott’s earnings by acquiring more medical devices.
“While we have a very positive view toward Mylan stock, we do not expect to be a long-term shareholder in Mylan,” Abbott Chief Executive Miles White told investors in a conference call on Monday.