Abbott has completed its EUR 4.5 billion acquisition of Belgium-based Solvay Pharmaceuticals.
The takeover has provided Abbott with a large and complementary portfolio of pharmaceutical products and expanded its presence in key global emerging markets.
It is expected that the acquisition will add approximately $2.9 billion to Abbott’s 2010 total reported sales and approximately $500 million to Abbott’s annual pharmaceutical R&D investment.
“The acquisition of Solvay Pharmaceuticals is a key part of Abbott’s strategy to bolster our presence in key markets and deliver sustainable, industry-leading growth,” said Miles D. White, Chairman and Chief Executive Officer, Abbott. “In addition to taking both Abbott and Solvay products into new and expanding markets, the acquisition enhances our R&D investment, providing Abbott with the opportunity to drive future pharmaceutical growth.”
Solvay’s products complement Abbott’s presence in specialty markets such as cardiovascular disease, neuroscience and gastroenterology, and include treatments for men’s and women’s hormonal health.
“The combination of Solvay and Abbott’s pharmaceutical businesses will enable Abbott to attain leadership in key emerging markets, where there is significant opportunity for branded generics,” said Olivier Bohuon, Executive Vice President, Pharmaceutical Products Group, Abbott. “The addition of Solvay Pharmaceuticals is the catalyst for Abbott’s growth and leadership in this area, and will ensure Abbott has the infrastructure, reach and product offerings to continue meeting the needs of patients around the world.”