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Business Briefing / Pharmaceuticals

Abbott to buy Solvay drug business

September 29, 2009|Times Wire Reports

Abbott Laboratories said it would pay $6.6 billion for the pharmaceutical business of Belgian chemicals maker Solvay in a move to further expand internationally and add to its product portfolio.

By buying Brussels-based Solvay, Abbott gains access to emerging markets in Eastern Europe and Asia along with new therapeutic areas, including hormone therapies and vaccines.

Solvay's flu vaccine Influvac will give Abbott an entrant in the burgeoning vaccines market, which is dominated by European pharmaceutical giants such as GlaxoSmithKline and Novartis.

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