Belgian drugmaker Solvay is to sell its entire pharmaceutical business to US researcher Abbott Laboratories for 4.5 billion euros (£4.16 billion) cash.
And if sales targets are met for certain drugs, the value of the deal may increase to 5.2 billion euros. Abbott will also take on 400 million euros of debt.
The company already holds US marketing rights for Solvay’s Trilipix and TriCor, which boosts “good” HDL cholesterol and reduce “bad” LDL cholesterol and triglycerides.
Solvay says the sale will be completed in the first quarter of next year – assuming EU and US antitrust approval – after which it will “refocus” its activities on chemicals and plastics.
Abbot boss Miles White says the deal expands the companies presence in key high-growth emerging markets and boosts R&D investments.
He says: “In anticipation of future market needs, we are ensuring we have the technologies, products, infrastructure and reach to serve patients globally.”
Copyright Press Association 2009