The Illinois-based pharmaceuticals major Abbott recently said that the company ill be acquiring the Piramal Healthcare's formulations business for a whopping $3.72 billion. Experts are of a view that this deal will make the combined entity India's largest generic drug maker.
Notably, Abott that own brands like Creamffin, Brufen and Digene is currently celebrating its 100 years in the Indian market.
Wockhardt Ltd has cancelled the plans to sell its nutrition business to the Abbott Laboratories due to the dispute with some of its overseas lenders.
The announcement was received positively by the investors as it is believed that the company can get a better price for its nutrition business. Abbott and Wockhardt jointly announced on Thursday that they have agreed to terminated the Rs 600-crore deal.
The nutrition business involves infant formulas, weaning foods and adult protein supplements. The deal was first announced in July 2009.
In a filing made to the Bombay Stock Exchange, Solvay Pharma India stated that Abbott Capital India and Abbott Laboratories proposed to purchase 10.09 lakh shares of Solvay at Rs 3,054.73 per share. Also the US-based pharmaceutical firm Abbott Laboratories confirmed on Wednesday the completion of the acquisition of the global drug business. The banker for the offer is DSP Merrill Lynch Ltd.