Abbott acquires Piramal’s Healthcare Solutions business
Abbott India has acquired Piramal’s Healthcare Solutions business (Domestic Formulations) for an up-front payment of USD2.12 billion and an additional USD400 million annually for the next four years.
The acquisition will accelerate Abbott’s emerging markets growth following the recent acquisition of Solvay Pharmaceuticals and announcements last week of Abbott’s collaboration with Zydus Cadila.
“This strategic action will advance Abbott into the leading market position in India. Our strong position in branded generics and growing presence in emerging markets is part of our ongoing diversified pharmaceutical strategy, complementing our market-leading proprietary pharmaceutical offerings and pipeline in developed markets, ” said Miles D White, chairman and chief executive officer, Abbott.
“Emerging markets represent one of the greatest 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,” added White.
“With this deal, the combined Healthcare Solutions and Abbott businesses will become the clear market leader in India, with a market share of approximately 7%,” said Ajay Piramal, chairman, Piramal Group.
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