Abbott completes 4.5bn euro deal for Solvay Pharmaceuticals

Abbott has completed a deal which has seen it take control of Solvay Pharmaceuticals, with the transaction valued at 4.5 billion euros (3.9 billion pounds).

The deal was originally agreed in 2009 and will see Abbott incorporate Solvay’s products into its existing portfolio, allowing it to increase its presence in a number of key markets.

Among the product sectors in which Abbott will be expanding are cardiovascular disease, neuroscience and gastroenterology, as well as men’s and women’s hormonal health.

Miles White, chairman and chief executive officer at Abbott, said the acquisition will aid Abbott in maintaining levels of “market-leading” business expansion.

He added: “In addition to taking both Abbott and Solvay products into new and expanding markets, the acquisition enhances our research and development investment, providing Abbott with the opportunity to drive future pharmaceutical growth.”

Last month, the pharmaceutical company received approval from the Food and Drug Administration for Norvir, its new tablet-based treatment for HIV sufferers.