Abbott To Buy Piramal Generics Unit For $3.7B

Law360, New York (May 21, 2010, 2:59 PM EDT) -- Abbott Laboratories announced Friday that it would acquire Indian drugmaker Piramal Healthcare Ltd.'s branded generics business for $3.72 billion.

Abbott will pay $2.12 billion upfront, followed by $400 million annually for four years, for Piramal's Healthcare Solutions unit, which will become part of Abbott's new stand-alone Established Products Division, the company said.

The deal will make Abbott the market leader in Indian pharmaceuticals., it said. Abbott currently has more than 2,500 employees in India, while Healthcare Solutions employs more than 5,000 in the country.

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