Generic drugmaker Mylan said it plans to acquire Abbott Laboratories' branded specialty and generics business in developed markets outside the US for $5.3 billion. Both companies are US-based.

The buy gives Mylan a wide array of Abbott brands that have annual sales of almost $2 billion in those markets, including gastroenterology drug Creon,  pain drug Brufen and influenza vaccine Influvac.

The deal has been structured to help Mylan reduce its tax bill by moving its tax address outside the US, a process known as inversion. The company with headquarters in Pittsburgh, Pennsylvania, unsuccessfully pursued the Swedish drug maker Meda this year in hopes of engaging in an inversion.

"We have been actively looking at a wide range of opportunities, and the acquisition of this business is absolutely the right next strategic transaction for Mylan as it builds on our strong momentum, expands and further diversifies our business in our largest markets outside of the US," executive chairman Robert J. Coury said in a statement.

The transaction foresees Abbott taking a 21% stake in a new company that combines Mylan's existing business with its own developed markets pharmaceuticals operations in Europe, Japan, Canada, Australia and New Zealand.

Abbott will continue to sell its branded generics in emerging markets, where strong sales growth is expected because of rising numbers of middle-class patients. By contrast, its sales of generics in developed markets have been steadily declining in recent years due to price pressures in Europe.

Abbot said it plans to relatively quickly sell its stake in the new company and use the proceeds to boost earnings, possibly by acquiring more medical devices or buying back shares.

A successful transaction would give Mylan a portfolio of more than 100 specialty and branded generic pharmaceutical products in five major therapeutic areas including cardio-metabolic and gastrointestinal.