"Abbott announced a definitive agreement with Piramal Healthcare limited to acquire full ownership of Piramal's Healthcare solutions for an upfront payment of $2.12 billion, plus $400 million annually for the next four years", said Abbott in a statement.
Abbott Acquires Piramal's Domestic Drug BizUS based Abbott said it would be obtaining India's Piramal Healthcare's domestic
formulation business for $3.72
billion.
"Abbott announced a definitive agreement with Piramal Healthcare limited to acquire full ownership of Piramal's Healthcare solutions for an upfront payment of $2.12 billion, plus $400 million annually for the next four years", said Abbott in a statement.
He added that the acquisition would boost its growth in emerging markets by providing it the No. 1 position in the Indian pharmaceutical market.
It was told by Abbott Chairman and Chief Executive Officer Miles D White that the strategic action would advance Abbott into the leading market position in India.
It was seen that Mumbai-based Piramal's domestic formulation business incorporated manufacturing, marketing and selling of branded generic pharmaceutical products in India, Nepal and Sri Lanka.
Today it announced by US-pharma Abbott that it would be acquiring Piramal Healthcare for USD 3.72 bn so that it could become the largest drug manufacturer in India.
It was told by Abbott that it would be paying USD 2.12 billion upfront and the remaining amount would be paid in four annual installment of USD 400 million.
It was noticed that the promoters of Piramal would keep their R&D, overseas and active pharmaceutical ingredients' business.