Mylan Will Pay Top Executives’ Tax Bill as Drugmaker Exits U.S.
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Mylan Inc. will pay five top executives $32.5 million earlier than planned to help them avoid a special U.S. penalty imposed on managers of companies that shift their legal addresses overseas.
The generic drugmaker also plans to pick up the remaining $20.5 million tax bill for the executives, the company said yesterday in a filing with the Securities and Exchange Commission. The penalties are triggered by Canonsburg, Pennsylvania-based Mylan’s deal to buy European assets from Abbott Laboratories and adopt a Dutch legal address, lowering its corporate tax rate.