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ABT to Buy Solvay’s Drug Unit for $7B

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DewDiligence Member Level  Sunday, 09/27/09 03:27:04 PM
Re: DewDiligence post# 70176
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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.]

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.

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