Abbott Closes $6.2 billion Solvay Unit Buyout
February 17, 2010
The Associated Press reports that Abbott Laboratories has completed the $6.2 billion buyout of Solvay''s pharmaceutical business. On Thursday, the companies received European antitrust approval for the deal, clearing the way for the deal to close. Under the antitrust 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 buyout helps Abbott expand internationally and add to its product portfolio. Solvay, based in Belgium, is a chemical maker. Abbott said the buyout will add about $2.9 billion to sales in 2010, while adding about $500 million to its annual research and development investment.