Abbot Completes €4.5bn Solvay Deal

15 February 2010 (Last Updated February 15th, 2010 18:30)

Abbott has completed its €4.5bn acquisition of Belgium's Solvay Pharmaceuticals. The deal, which provides Abbott with a large and complementary portfolio of pharmaceutical products as well as expanding its presence in key global emerging markets, is also expected to add $2.9bn to Abbott

Abbott has completed its €4.5bn acquisition of Belgium's Solvay Pharmaceuticals.

The deal, which provides Abbott with a large and complementary portfolio of pharmaceutical products as well as expanding its presence in key global emerging markets, is also expected to add $2.9bn to Abbott's 2010 total reported sales.

Abbott chairman and chief executive officer Miles D White said that the acquisition of Solvay Pharmaceuticals is key to bolstering the company's presence in key markets and delivering sustainable, industry-leading growth.

"In addition to taking products into new and expanding markets, the acquisition enhances our R&D investment," White said.

Through the deal Abbott will enhance its presence and expertise in speciality markets such as cardiovascular disease, neuroscience and gastroenterology, as well as receiving access to new treatments for men's and women's hormonal health and exocrine pancreatic insufficiency.

The transaction also includes payments of up to €300m if certain sales milestones are met between 2011 and 2013.