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05-21-2010, 01:42 PM #1
Abbott Buys Indian Drug Maker for $3.7 Billion
Abbott Buys Indian Drug Maker for $3.7 Billion
By HEATHER TIMMONS
Published: May 21, 2010
NEW DELHI — Abbott Laboratories said Friday that it would purchase the Indian drug maker, Piramal Healthcare, for $3.7 billion, increasing its presence in the fast-growing emerging markets and its portfolio of low-priced drugs.
Piramal, based in Mumbai, makes generic and branded drugs in nine plants in India, Britain and Canada, and has the largest sales force in India with more than 6,000 representatives. The company’s net profit increased 52 percent in the last fiscal year, to 4.8 billion rupees ($103 million).
Abbott said Friday that it would pay $2.12 billion in cash upfront for Piramal, and then $400 million annually over the next four years. The deal will add immediately to Abbott’s earnings, executives said.
Drug sales are growing quickly in emerging markets in part because of better diagnosis and an increase in diseases associated with higher incomes, like diabetes and obesity. Emerging markets will account for 30 to 40 percent of pharmaceutical sales growth in the next 10 years, estimates PricewaterhouseCoopers. In India, drug sales are expected to hit $8 billion this year and double by 2015.
“Emerging markets represent one of the greatest opportunities in health care,â€NO AMNESTY
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