Abbott To Buy Solvay's Pharma Unit For $6.6B Cash

Law360, New York (September 28, 2009, 3:09 PM EDT) -- Abbott Laboratories plans to buy the pharmaceutical business of Belgium's Solvay Group for $6.6 billion in cash in a move to expand its presence in key emerging markets and diversify its drug portfolio.

The Illinois-based drugmaker said Monday that the acquisition would add more than $3 billion in annual sales and position it in high-growth markets in Eastern Europe and Asia. It will also add about $500 million a year for pharmaceutical research and development investment, the company said.

“In anticipation of future market needs, we...
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