Solvay Becomes Part Of Abbott's Global Pharmaceutical Products Group
Abbott has added an additional portfolio of complementary pharmaceutical products to its portfolio by acquiring Belgium-based Solvay Pharmaceuticals for EUR4.5bn.
Reportedly, Abbott will add around $2.9bn to Abbott's 2010 total reported sales and $500m to Abbott's annual pharmaceutical R&D investment.
Miles White, chairman and chief executive officer of Abbott, said: "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. 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.
"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."
The acquired products complement Abbott's presence in specialty markets of cardiovascular disease, neuroscience and gastroenterology and include treatments for men's and women's hormonal health, and exocrine pancreatic insufficiency.
Olivier Bohuon, executive vice president of pharmaceutical products group at Abbott, said: "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.
"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."
Werner Cautreels, CEO of Solvay will continue in the same position for some time before leaving the company. Solvay will be a part of Abbott's global pharmaceutical products group.
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