Mylan reaffirms $1B share buyback plan

Mylan confirmed Monday that it will complete a $1 billion share repurchase plan, which was previously approved by its board of directors.

Additionally, pharmaceutical giant Abbott Laboratories sold 20.3 million shares of Mylan, removing potential share overhang and Abbot's position as a large shareholder.

"This return of capital to our shareholders comes at a time of positive momentum for Mylan, with the recent launches and approvals of several key products, our strong future growth expectations, and our belief that the diversified and unique platform we have built is substantially undervalued," the company said in a statement.

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