Abbott will acquire the activities of Solvay Pharmaceuticals

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The chemical and pharmaceutical group Solvay announced, Monday, September 28, the sale of its entire pharmaceuticals business to U.S. company Abbott, for a total enterprise value of approximately 5.2 billion euros. Best known for its drugs against AIDS and its baby food, Abbott employs more than seventy-two thousand people and markets its pharmaceutical and medical products in more than one hundred thirty countries. Acquisition of Belgian group also gives access to several new drugs against hypertension and Parkinson's disease.

The transaction also provides for the transfer of all employees of the pharmaceutical business in their current employment conditions, says the Belgian group. It is expected to close in the first quarter of 2010, subject to the approval of competition authorities concerned. Solvay communicate the impact of this transaction on its income statement when finalizing.

Solvay wants to reinvest the proceeds of the transaction for purposes of internal growth and external growth substantially in activities with high added value and strategic projects in chemistry and plastics. ( Abbott will acquire the activities of Solvay Pharmaceuticals )