InfoAnda - US Abbott buys Indian pharma unit for $3.7 bln

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World US Abbott buys Indian pharma unit for $3.7 bln AFP - Sunday, May 23 Send IM Story Print A scientist works at a laboratory at the research center of Piramal Healthcare in Mumbai. US healthcare group Abbott Laboratories has announced a $3.7-bln buyout of the generic drugs unit of Piramal Healthcare. Slideshow: Full Photo Coverage: Business & Economy MUMBAI (AFP) - – US healthcare group Abbott Laboratories has announced a 3.7 billion-dollar buyout of the generic drugs unit of India's Piramal Healthcare, as it moves to boost its presence in emerging markets. Abbott, which announced the acquisition in a statement late Friday, said the deal would make it the leading pharma company in India with a market share of seven percent. The US firm has agreed to pay 2.1 billion dollars as a down payment, with the remainder to be paid in annual installments of 400 million dollars over the next four years. Abbott said the deal would accelerate its growth in emerging markets "giving it the number one position in the Indian pharmaceutical market". Pharmaceutical sector analysts called the deal a "benchmark", which could see more Indian firms selling out businesses to multinationals who are keen to expand in one of the world's fastest-growing markets. India's pharma sector is growing at between 12 to 15 percent each year, compared to about three percent for Western countries. Low production costs and skilled scientific talent make Indian acquisitions particularly attractive. In 2008, India's biggest generic drug maker Ranbaxy sold a majority 64 percent stake in the firm to Japan's Daiichi Sankyo. Five of India's top 10 drug companies are multinationals, which include players like Pfizer and GlaxoSmithKline. The deal means that Piramal Healthcare now retains just under 50 percent of its business, which includes critical care and anaesthetics, diagnostic and clinical research services and life sciences business. "The Abbott-Piramal deal reflects the growing global importance of generics and the rise of India's consumer market for drugs," said Tarun Shah, chief executive of Mehta Partners, a biopharmaceutical investment research and strategic advisory firm. Abbott said India's pharmaceutical market is likely to generate eight billion dollars in annual sales in 2010 and more than double by 2015. Abbott recently acquired Belgium's Solvay Pharmaceuticals and has a collaboration with local firm Cadila Healthcare to supply generic drugs. Recommend Send IM Story Print Related Articles Protesters disrupt British Airways strike talks Reuters - Sunday, May 23 Time Warner Cable seeks quick-release movies-WSJ Reuters - Sunday, May 23 Russia's Putin says customs union delayed Reuters - Sunday, May 23 Blumenthal clears hurdle in U.S. Senate race Reuters - Sunday, May 23 US Abbott buys Indian pharma unit for $3.7 bln AFP - Sunday, May 23 News Search Top Stories BA strike talks abandoned after protestors storm building Bank of Spain takes over management of another savings bank Skrela guides Toulouse to fourth European Cup crown Fiscal discipline urged to cure market ills UK faces aggressive cuts in 'age of austerity' More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Paris museum burglar grabs 120-million-dollar art haul US team creates first 'synthetic life' Fiscal discipline urged to cure market ills Euro rescue package clears German parliament Dow index suffers biggest drop in more than a year More Most Viewed » Scientists stunned as grey whale sighted off Israel Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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