Abbott Laboratories Completes Acquisition of Solvay Pharmaceuticals, Inc.
ABBOTT PARK, Ill., Feb. 16 /PRNewswire-FirstCall/ -- Abbott today announced that it has completed its EUR 4.5 billion ($6.2 billion) acquisition of Belgium-based Solvay Pharmaceuticals, providing Abbott with a large and complementary portfolio of pharmaceutical products and expanding Abbott's presence in key global emerging markets.
"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," said Miles D. White, chairman and chief executive officer, Abbott. "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 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," said Olivier Bohuon, executive vice president, Pharmaceutical Products Group, Abbott. "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."
The impact of the Solvay Pharmaceuticals acquisition has been reflected in Abbott's previously issued earnings-per-share guidance for the first-quarter and full-year 2010.
Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs approximately 83,000 people and markets its products in more than 130 countries.
Abbott Forward Looking Statement
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors," to our Annual Report on Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2008, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments.