Abbott completes Solvay Pharma buy

Abbott Laboratories has completed its 4.5 billion euro acquisition of the pharmaceutical unit of Solvay, a deal which will expand its presence in “key global emerging markets”.

The acquisition, which received clearance from Europe’s antitrust regulators last Friday, “is a key part of Abbott's strategy to bolster our presence in key markets and deliver sustainable, industry-leading growth”, said the US major’s chief executive Miles White. Abbott added that Solvay brings “successful, consistently performing products, including branded generics” that will “further diversify its pharmaceutical business and provide significant growth opportunities”.

Abbott expects the acquisition to add $2.9 billion to its 2010 total reported sales, “the majority outside the USA” and $500 million to its annual pharmaceutical R&D investment. The firms noted that Werner Cautreels, chief executive of Solvay Pharmaceuticals, will serve in a transitional role and then leave the company.