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Abbott buys Piramal's Healthcare Solutions

Abbott has completed its acquisition of Piramal's Healthcare Solutions business, to become the leading pharmaceutical company in India

Abbott has completed its acquisition of Piramal's Healthcare Solutions business - one of the largest pharmaceutical companies in India with a growth track record of above 30 per cent CAGR since 1988 and consolidated revenues of $602m in 2006-07 – making it the leading pharmaceutical company in India.

Abbott, through a wholly-owned subsidiary, purchased the assets of Piramal's Healthcare Solutions business for a $2.2bn up-front payment with additional payments of $400m annually for the next four years, beginning in 2011.

The Healthcare Solutions business will operate as a separate business unit, reporting into Abbott's newly-created Established Products Division (EPD), which was formed to focus on branded generics, maximising the opportunity in emerging markets. The business will continue to be led by its current India-based management team.

Commenting on the acquisition, Miles D White, chairman and chief executive officer of Abbott stated that it further strengthened Abbott's growing presence in emerging markets.

"Piramal's portfolio of well-known, trusted products has served patients in India for decades. Combined with existing product offerings, Abbott is uniquely positioned to meet the needs of one of the world's fastest-growing pharmaceutical markets," he said.

Piramal's Healthcare Solutions business has a comprehensive portfolio of branded generics, including market-leading brands in multiple therapeutic areas, including antibiotics, respiratory, cardiovascular, pain and neuroscience.

India's rapid pharmaceutical market growth is being driven largely by branded generics. The market will generate nearly $8bn in pharmaceutical sales this year, a number that is expected to more than double by 2015. Abbott expects its pharmaceutical sales in India to exceed $2.5bn by 2020.

Over the past ten years, Abbott has established a leading presence in emerging markets and now more than 20 per cent of the company's total sales are generated in these growing economies.

8th September 2010

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