Abbott Acquires Solvay
Abbott, Abbott Park, IL, has announced a $6.6 billion definitive agreement to acquire Solvay's pharmaceuticals business and full global rights to the fenofibrate franchise. The acquisition will provide Abbott with a large and complementary portfolio of pharmaceutical products and a significant presence in key global emerging markets, according to a company press release.
Abbott projects Belgium-based Solvay Pharmaceuticals will add more than $3 billion in annual sales, mostly outside the U.S. The acquisition will also add approximately $500 million to Abbott's annual pharmaceutical R&D investment.
The acquisition includes Solvay's vaccines business, which will provide Abbott entry into the expanding global vaccines market. Solvay also has a small molecular diagnostics unit that will become part of Abbott's diagnostics organization upon the transaction close.