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Drug maker Abbott Laboratories expected to buy Solvay

A deal for $6 billion in cash could be announced today. The firms already have a sales partnership to market cholesterol drugs.

September 28, 2009|Chicago Tribune

Abbott Laboratories is expected to announce as early as today the purchase of the pharmaceutical business of Belgian plastics and chemical giant Solvay for more than $6 billion in cash, according to sources close to the transaction.

The price of the deal would make it the second-largest acquisition in the North Chicago company's history. Abbott and Solvay already have a sales partnership to market cholesterol drugs.

Abbott licenses from Solvay the rights to TriCor, a cholesterol pill that generates $1 billion in annual sales.

But Solvay also has other drugs to combat heart disease as well as a small vaccines business.

Abbott has been working to develop treatments for Parkinson's and Alzheimer's diseases.

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