Abbott completes $6.2B purchase of Solvay

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Abbott has completed its EUR 4.5 billion ($6.2 billion U.S.) acquisition of Brussels, Belgium-based Solvay Pharmaceuticals, expanding Abbott's presence in emerging markets.

The Abbott Park, Ill.-based company initially made the offer in late September 2009.

Some of the markets that Abbott said it hopes to gain a presence with this purchase include: cardiovascular disease, neuroscience and gastroenterology, and include treatments for hormonal health and exocrine pancreatic insufficiency, which is associated with underlying conditions including cystic fibrosis and chronic pancreatitis.

As previously disclosed, the transaction also includes payments of up to EUR 300 million if certain sales milestones are met between 2011 and 2013, Abbott said.

The impact of the Solvay acquisition has been reflected in Abbott's previously issued earnings-per-share guidance for the first-quarter and full-year 2010.