Navigation Links
Abbott Completes Acquisition of Piramal's Healthcare Solutions Business, Becomes Leading Pharmaceutical Company in India
Date:9/8/2010

India's 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.

Piramal's 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 Abbott's 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.  

"Piramal's proven business model in India and experienced local leadership team, combined with the global resources of Abbott, will allow us to build upon Piramal's 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 Piramal's 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 Abbott's 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.

Abbott's news releases and other information are available on the company's Web site at www.abbott.com.

Abbott Forward-Looking Statement

Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors," to our Annual Report on Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2009, and in Item 1A, "Risk Factors," to our Quarterly Report on Securities and Exchange Commission Form 10-Q for the period ended March 31, 2010, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments.


'/>"/>
SOURCE Abbott
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Abbott Receives FDA Approval for First Automated Molecular Test for Assessing Hepatitis B Treatment
2. Abbott to Present at Morgan Stanley Global Healthcare Unplugged Conference
3. Abbotts SIMCOR ® ( niacin extended-release / simvastatin ) Receives FDA Approval for New Dosage Strengths
4. Abbott to Feature Novel Tests and New Upgrades to Testing Platforms at American Association for Clinical Chemistry Lab Expo
5. Abbott Receives FDA Clearance for Molecular Diagnostic Test for Detection of Chlamydia and Gonorrhea Infections
6. Abbott to Present Data on Several Investigational Cancer Treatments at American Society of Clinical Oncology Annual Meeting
7. The New England Journal of Medicine Publishes Results of Landmark CREST Study, Showing Similar Positive Outcomes for Abbotts Carotid Stent System and Surgery
8. Abbotts Groundbreaking Bioresorbable Technology Continues to Demonstrate Exceptional Clinical Results
9. Abbotts Investigational MitraClip(R) System Demonstrates Strong Safety Results and Improved Clinical Outcomes for Common Causes of Leaky Heart Valves
10. New Data Reinforces Safety Profile of Abbotts Market-Leading XIENCE V(R) Drug Eluting Stent
11. Assegai Wins Big Settlement Against ABBOTTs Subsidiary
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/10/2017)... , May 10, 2017 Global Health Intelligence ... Latin America , published its 2017 ranking of ... is based on extensive data analysis from GHI,s hospitals ... hospitals database for the region. The GHI database covers 86% ... offering more than 130 data points for each institution in ...
(Date:5/9/2017)... , May 9, 2017  Demonstrating its ... board of directors for the Pharmaceutical Research and ... for membership. Biopharmaceutical companies will now have to ... order to be eligible to join PhRMA. ... the board is sending a clear message that ...
(Date:5/6/2017)... Texas , May 5, 2017   Provista , ... with more than 200,000 customers, today announced Jim Cunniff ... a wealth of executive and business experience to Provista, including ... compounding pharmacy in California . He assumed ... "Jim is a great fit for Provista," says ...
Breaking Medicine Technology:
(Date:5/24/2017)... ... ... Patients who want to receive cosmetic dentistry procedures such as Invisalign® or ... a consultation, with or without a referral. Dr. Bedich enjoys improving the appearance of ... Dr. Bedich offers a variety of cosmetic dentistry services at his practice that are ...
(Date:5/24/2017)... ... May 24, 2017 , ... ... reproductive tract in which the endometrial lining of the uterus spreads into ... pain. Patients experiencing painful intercourse, painful periods, pelvic pain, or irregular bleeding ...
(Date:5/24/2017)... NY (PRWEB) , ... May 24, 2017 , ... ... the practice is offering holistic pediatric dentistry options for its patients on Long ... of the patient’s entire physical well being, and is one of the biggest ...
(Date:5/24/2017)... ... 2017 , ... Technique, technique, technique – with a dash of common sense. ... training and exercise or simply lifting heavy objects, advises Dr. Kaliq Chang, interventional pain ... Chang says. “Improper technique in lifting anything heavy or an attempt to lift too ...
(Date:5/23/2017)... ... May 23, 2017 , ... Allegheny Health Network ... The Alexis Joy D’Achille Center for Women’s Behavioral Health at West Penn Hospital ... western Pennsylvania for women suffering from pregnancy-related depression. Construction of the Center is ...
Breaking Medicine News(10 mins):