Abbott Laboratories will buy chemical/pharmaceutical company Solvay’s pharmaceuticals business for $6.6 billion. MSN Money has more:
The companies already co-market Tricor and TriLipix for controlling blood fats called triglycerides. A deal would help give a much-needed boost to Abbott’s prescription drug business. Abbott would get access to Solvay’s drugs for hypertension and Parkinson’s disease.
Abbott has been on an acquisitions tear this year, purchasing Advanced Medical Optics for $1.4 billion in January, and then buying medical-device company Evalve for $410 million and eye-care device maker Visiogen for $400 million, both in September.
Abbott’s acquisition of Solvay also positions it well in emerging markets (World Pharma News):
Solvay has significant presence and infrastructure in key high-growth emerging markets, including Eastern Europe and Asia. Emerging markets are growing faster and increasing in importance due to demographics, rising incomes and expanded treatment of chronic disease.
“Abbott’s international pharmaceutical business has grown significantly over the past several years, driven by specialty products in developed markets,” said Olivier Bohuon, executive vice president, Pharmaceutical Products Group, Abbott. “In emerging markets where chronic disease is being treated more aggressively, the combined Abbott and Solvay portfolio of branded generics expands the global reach of these medicines. Solvay’s business will also give us a platform to enter the attractive global vaccines market.”