Mylan's shares fell 1.3% by midday Friday, hitting $41.03 apiece.
Abbott now owns a 4.8% stake in the pharmaceutical company. It previously held approximately 21% thanks to a deal inked with Mylan back in 2014, but ahead of this most recent divestiture, Abbott held a 13% stake.
According to the terms of that deal, Mylan acquired Abbott's non-U.S. developed markets specialty and branded generics business in an all stock deal. As a part of that deal, Abbott received a 21% stake in Mylan, or 105 million shares worth approximately $50.20 apiece.
The deal was worth approximately $5.3 billion. Mylan officials declined comment on the divestiture, while Abbott officials could not be immediately reached for comment.
Wellington Management Co., with an 8.45% stake in Mylan, is now its largest investor.
Also in play for Mylan Friday was the announcement made earlier in the week that the company is recalling 81,000 EpiPen auto injectors abroad.
These EpiPens include those sold in Australia, New Zealand, Europe and Japan, a Mylan spokesperson wrote via email. The spokesperson added that the EpiPens were manufactured by a Pfizer PFE subsidiary, Meridian Medical Technologies.
Pfizer's shares were unaffected by this announcement. The company was trading at $34.19 per share Friday midday.
According to SEC filings, Mylan's anticipate that its EpiPen business will account for approximately 6% of sales in the U.S. and abroad in 2017. The company previously relied much more heavily on the autoinjector, but has since worked to diversify as a result of public pressure over its pricing practices.
The company came under public scrutiny over the summer when the public realized many uninsured patients had to pay approximately $600 per two pack. The company had been steadily raising the price of EpiPens 25% each year since 2007, when it acquired the device. This is compared to the drug industry average of 10% yearly price raises on prescriptions.
That generated profits but also a political backlash, since the EpiPen is used by many school districts to help save lives of students with severe food allergies and anaphylaxis. Mylan provides six free EpiPens per year to schools, but those that may need more have to cough up $600 per two pack.
On top of that, it came to light that EpiPen had been misclassified for years by the Center for Medicare and Medicaid as a generic, which allowed Mylan to receive bigger rebates from the government.
Mylan has worked to remedy these problems, making changes to how it prices EpiPens, offering up patient assistance programs and, as previously mentioned, shifting its revenue focus away from the device.