Solvay to sell pharmaceutical business to Abbott

Solvay has revealed that its board of directors has voted to sell the firm’s entire pharmaceutical division to Abbott.

The company made the announcement and added that it intends to refocus its efforts on accelerating its sustainable and profitable growth strategy.

It will sell the pharmaceutical side of the business to Abbott for 4.5 billion euros (4.1 billion pounds), with an additional payment of up to 300 million euros if it reaches planned product milestones set for 2011 and 2013.

All employees currently working for Solvay will be transferred to Abbott and the transaction is expected to be completed in the first quarter of 2010.

Alois Michielsen, chairman of Solvay’s board of directors, commented: “The board has chosen to give all activities of the group, pharmaceuticals and non-pharmaceuticals, the best possibilities for their future development in the interest of all stakeholders involved.”

Last October, Solvay outlined 25 goals as part of its eighth report on health, safety and sustainable development, which included placing a greater focus on economic, social and environmental responsibilities.