Fidelity Fidelity SPDR Advertisement
Home > Boards > Free Zone > Health and Sciences > Biotech Values

ABT to Buy Solvay’s Drug Unit for $7B

Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (3) | Next 10 | Previous | Next
DewDiligence Member Profile
Member Level 
Followed By 476
Posts 80,632
Boards Moderated 23
Alias Born 09/05/02
160x600 placeholder
U.S. Stocks: Futures Climb Ahead Of ISM Data
U.S. stocks were poised to kick off September on a high note on Tuesday, with futures moving broadly up ahead of data expected to show healthy U.S. factory activity in August.
Top Equities Stories Of The Day
Apple Investigating Reports of iCloud Vulnerabilities
J.P. Morgan Working With Law Enforcement on Cyber Attack -- 3rd Update
Stocks Drift Between Gains, Losses
U.S. Hot Stocks: Hot Stocks to Watch
Ex-LPL Broker Ordered to Pay Nearly $2 Million
U.S. Hot Stocks: Hot Stocks to Watch
European Investors Eye Ukraine, ECB
Amazon, Twitter Gains Lead Techs Higher
DewDiligence Member Level  Sunday, 09/27/09 03:27:04 PM
Re: DewDiligence post# 70176
Post # of 181599 
ABT to Buy Solvay’s Drug Unit for $7B in Cash—WSJ

[This gives ABT full ownership over TriLipix, the successor to TriCor that has the potential to be a large-selling standalone drug (#msg-34203456) and may have even bigger potential as one of the constituent drugs in Certriad (#msg-38449725). In other words, ABT is getting a lot for the $7B deal price, IMO.]

http://online.wsj.com/article/SB125405897500043951.html

By JEANNE WHALEN, DANA CIMILLUCA and JEFFREY MCCRACKEN
SEPTEMBER 27, 2009, 1:29 P.M. ET

Abbott Laboratories is close to announcing a deal to acquire Belgian conglomerate Solvay SA's pharmaceutical unit for slightly less than €5 billion, or about $7 billion, according to people familiar with the matter. The all-cash deal could be announced as soon as Monday.

Abbott bested rival bidder Nycomed of Switzerland, which had been seriously pursuing Solvay's drug unit for months. Abbott declined to comment.

The deal gives Abbott access to Solvay's drugs for hypertension and Parkinson's disease, as well as full control of two drugs for cholesterol and triglycerides that Abbott and Solvay already sell together [TriCor and TriLipix].

Abbott re-emerged after earlier dropping out of the auction, people familiar with the matter said. Abbott of late has been in a more acquisitive mode, making a strong run this summer at purchasing a veterinary medicine business from Merck & Co. French drug maker Sanofi-Aventis SA eventually bought the asset for $4 billion.

The company has said it is looking for small to midsize acquisitions that can provide new technology or new lines of business that drive growth. In the past several months, Abbott has made three acquisitions, including deals in September to purchase medical-device company Evalve Inc. for $410 million and eye-care device maker Visiogen Inc. for $400 million.


“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (3) | Next 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist