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news.Abbott has signed a definitive agreement with Piramal Healthcare to acquire full ownership of Piramal's Healthcare Solutions business (Domestic Formulations), a company into Indian branded generics market, for an up-front payment of $2.12bn, plus $400m annually for the next four years.
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Abbott said that the acquisition further accelerates its market growth following the recent acquisition of Solvay Pharmaceuticals and collaboration with Zydus Cadila as well as the creation of a new stand-alone Established Products Division.
Miles White, chairman and CEO of Abbott, said: “Our position in branded generics and growing presence in emerging markets is part of our ongoing diversified pharmaceutical strategy.
“Emerging markets represent opportunities in health care, not only in pharmaceuticals, but across all of our business segments. Today, emerging markets represent more than 20% of Abbott’s total business.”
Ajay Piramal, chairman of Piramal Group, said: “With this deal, the combined Healthcare Solutions and Abbott businesses are expected to have a market share of approximately 7%.”