US-based healthcare company Abbott has completed the acquisition of Solvay Pharmaceuticals. The €4.5 billion (US$6.2 billion) deal provides Abbott with a large and complementary portfolio of pharmaceutical products and expands its presence in key emerging markets around the world.
Abbott is a global healthcare company working in the discovery, development, manufacture and marketing of pharmaceuticals and medical products. The company has a strong presence in India, with a network of 18 distribution points catering to 70,000 retailers. Solvay is headquartered in Brussels and employs more than 19,000 people in 50 countries. In 2009 it had consolidated sales of €8.5 billion.
Abbott expects the acquisition to add approximately US$2.9 billion to its total reported sales for 2010 (mostly from sales outside the US), and to add approximately US$500 million to its annual investment in pharmaceutical research and development.
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