Abbott to acquire Solvay's pharma unit

Abbott Laboratories (NYSE:ABT) will acquire partner Solvay Pharmaceuticals Inc., a unit of Solvay S.A. (Euronext:SOLB), for EUR 4.5 billion ($6.6 billion) in cash and up to EUR 300 million ($438.2 million) in potential milestones. The unit had 2008 sales of EUR 2.7 billion ($3.9 billion). Abbott will gain worldwide rights to the partners' fenofibrate franchise, which includes cholesterol drugs TriCor and next generation TriLipix. Abbott currently has U.S. rights to the fenofibrate products. Solvay said the divestment will allow it to reinvest in its chemicals and plastics businesses. ...