I own some Myl now and am not looking forward to the transition (taxes).
While the 110 million shares sounds enormous, it'll only represent 22% of the float (>20% was mandatory). It was interesting to learn that Abbott's shares will be held indirectly, which I take it amounts to Mylan eventually filing to sell the shares for other holders.
When I think of a "new" company, I would say that Abbott's role will be no different that the VC's in any new IPO.
When you mentioned that Myl was taking Abbott's poor performing items you have to remember that Mylan as an generic company exists mainly on other peoples garbage.