Abbott expands lipid drug pipeline with $3.7bn acquisition

Abbott Laboratories has revealed that it has agreed to buy Kos Pharmaceuticals, a company specialising in the development of drugs for the lipid management market.

Kos is described by Abbott as an “excellent strategic fit” that will expand the company’s product pipeline, as well as expanding the current product range with products such as Niaspan and Advicor.

Abbott will pay $3.7 billion (1.9 billion pounds) for Kos, a company that has “pioneered” the US market for lipid drugs.

Miles D White, chairman and chief executive officer of Abbott, remarked: “This acquisition expands Abbott’s presence in the lipid management market and will provide several on-market and late-stage pipeline products.”

“Kos also complements our existing commercial and research and development expertise, and increases our R&D spending capacity,” he added.

Abbott’s portfolio of lipid management products includes TriCor, as well as two pipeline products: ABT-335, a next generation version of TriCor, and a new combination therapy involving TriCor and Crestor, the AstraZeneca statin. The companies hope that the drug will have the ability to both reduce “bad” LDL-cholesterol and boost the levels of the “good” HDL-cholesterol.

Included in Kos’ late stage pipeline is Flutiform, a treatment for adult and adolescent asthma in-licensed from British company SkyePharma, and an inhaled insulin product.

Kos, founded in 1988, was named after the Greek island where Hippocrates defined medicine.