Abbott Completes Acquisition of Solvay Pharmaceuticals
Abbott announced that it has completed itsEUR 4.5 billion(US$6.2 billion) acquisition of Belgium-based Solvay Pharmaceuticals, providing Abbott with a large and complementary portfolio of pharmaceutical products and expanding Abbott's presence in key global emerging markets.
Based on the timing of the close, Abbott expects the acquisition to add approximately US$2.9 billion to Abbott's 2010 total reported sales, the majority outside the U.S., and add approximately US$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."
Abbott has a strong portfolio of specialty pharmaceuticals and Solvay brings successful, consistently performing products - including branded generics - that will further diversify Abbott's pharmaceutical business and provide significant growth opportunities. These products complement Abbott's presence and expertise in specialty markets such as cardiovascular disease, neuroscience and gastroenterology, and include treatments for men's and women's hormonal health, and exocrine pancreatic insufficiency (inability to properly digest food), which is associated with several underlying conditions including cystic fibrosis and chronic pancreatitis.
Solvay Pharmaceuticals is now part of Abbott's global Pharmaceutical Products Group. Werner Cautreels, chief executive officer of Solvay Pharmaceuticals, will serve in a transitional role and will then leave the company.
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