Abbott has completed its acquisition of Piramel's Healthcare Solutions business, making it India's leading pharmaceutical company.
India has witnessed rapid growth in its pharmaceutical market, largely driven by branded generics, with the market expected to generate nearly $8bn in sales in 2010.
The acquisition includes a portfolio of branded generics, including antibiotic, respiratory, cardiovascular and neuroscience medications. Abbott expects its pharmaceuticals sales in India to exceed $2.5bn by 2020.
Abbott purchased the assets through a wholly-owned subsidiary with an initial payment of $2.2bn and additional payments of $400m annually over the next four years.
Abbott chairman and CEO, Miles D White, said that the acquisition will further strengthen the company’s presence in India's emerging market.