US-based healthcare company Abbott has completed the acquisition of Solvay Pharmaceuticals. The €4.5 billion (US$6.2 billion) deal provides Abbott with a large and complementary portfolio of pharmaceutical products and expands its presence in key emerging markets around the world.
Abbott is a global healthcare company working in the discovery, development, manufacture and marketing of pharmaceuticals and medical products. The company has a strong presence in India, with a network of 18 distribution points catering to 70,000 retailers. Solvay is headquartered in Brussels and employs more than 19,000 people in 50 countries. In 2009 it had consolidated sales of €8.5 billion.
Abbott expects the acquisition to add approximately US$2.9 billion to its total reported sales for 2010 (mostly from sales outside the US), and to add approximately US$500 million to its annual investment in pharmaceutical research and development.
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“The acquisition of Solvay Pharmaceuticals is a key part of Abbott’s strategy to bolster our presence in key markets and deliver sustainable, industry-leading growth,” said Abbott chairman and CEO Miles White.
A team from Luthra & Luthra advised Abbott on the Indian legal aspects of the global acquisition. The team included senior partner Mohit Saraf, partners Sundeep Dudeja and Aniket Sengupta, senior associates Shishir Vayttaden and Jitender Tanikella and associate Siddharth Shukla. Partners Vikas Srivastava and SR Patnaik provided advice on Indian tax law.
Thakker & Thakker advised Solvay in India.
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