EU clears Abbott’s purchase of Solvay

Posted Feb. 11, 2010 at 2:17 p.m.

By Bruce Japsen and Associated Press | European regulators gave Abbott Laboratories antitrust clearance to buy Solvay’s pharmaceutical business for $6.6 billion, with certain sales conditions.

Under the clearance, Abbott will have to divest Solvay’s cystic fibrosis testing business. European regulators cited concerns that the combination could harm competition in that market.

The North Chicago-based maker of drugs and medical products expects the deal to close by the end of this month.

In September, Abbott said it would buy Solvay’s pharmaceutical business in an effort to expand internationally and add to its product portfolio. Solvay, based in Belgium, is a chemical maker.

The buyout gives Abbott, which makes medical and pharmaceutical products, access to emerging markets in Eastern Europe and Asia along with new therapeutic areas, including hormone therapies and vaccines.

 

One comment:

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