Attached files
file | filename |
---|---|
8-K - 8-K - ABBOTT LABORATORIES | a10-16911_18k.htm |
EX-2.2 - EX-2.2 - ABBOTT LABORATORIES | a10-16911_1ex2d2.htm |
Exhibit 99.1
|
For Immediate Release |
|
|
|
|
Media: Scott Stoffel +1-847-682-8403 scott.stoffel@abbott.com
Adelle Infante +1-847-938-8745 adelle.infante@abbott.com
Financial: Larry Peepo +1-847-935-6722
|
Abbott Completes Acquisition of Piramals Healthcare Solutions Business, Becomes Leading Pharmaceutical Company in India
Deal propels Abbott to top position in India with pharmaceutical sales expected to exceed $2.5 billion by 2020
ABBOTT PARK, Ill., Sept. 8, 2010 Abbott has completed its acquisition of Piramals Healthcare Solutions business, propelling it to market leadership in the Indian pharmaceutical market and further accelerating the companys growth in emerging markets.
Throughout the past decade, Abbott has established a leading presence in emerging markets today, more than 20 percent of the companys total sales are generated in these growing economies.
The acquisition of Piramals Healthcare Solutions business further strengthens Abbotts growing presence in emerging markets, said Miles D. White, chairman and chief executive officer, Abbott. Piramals portfolio of well-known, trusted products has served patients in India for decades. Combined with existing product offerings, Abbott is uniquely positioned to meet the needs of one of the worlds fastest-growing pharmaceutical markets.
Indias rapid pharmaceutical market growth is being driven largely by branded generics. The market will generate nearly $8 billion in pharmaceutical sales this year, a number that is expected to more than double by 2015. Abbott expects its pharmaceutical sales in India to exceed $2.5 billion by 2020.
Piramals Healthcare Solutions business has a comprehensive portfolio of branded generics, including market-leading brands in multiple therapeutic areas, including antibiotics, respiratory, cardiovascular, pain and neuroscience. |
|
The Healthcare Solutions business will operate as a separate business unit, reporting into Abbotts newly-created Established Products Division (EPD), which was formed to focus on branded generics, maximizing the opportunity in emerging markets. The business will continue to be led by its current India-based management team.
Piramals proven business model in India and experienced local leadership team, combined with the global resources of Abbott, will allow us to build upon Piramals commitment to quality and service, said Michael J. Warmuth, senior vice president, Established Products, Pharmaceutical Products Group, Abbott.
Abbott now employs approximately 10,000 people across all of its businesses in India.
Abbott, through a wholly-owned subsidiary, purchased the assets of Piramals Healthcare Solutions business for a $2.2 billion up-front payment with additional payments of $400 million annually for the next four years, beginning in 2011. This transaction will not impact Abbotts ongoing earnings per share guidance in 2010.
About Abbott Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs nearly 90,000 people and markets its products in more than 130 countries.
Abbotts news releases and other information are available on the companys Web site at www.abbott.com.
Abbott Forward-Looking Statement |