Abbott Completes Acquisition of Piramal's Healthcare Solutions Business
Deal propels Abbott to top position in India with pharmaceutical sales expected to exceed $2.5 billion by 2020
Abbott has completed its acquisition of Piramal's Healthcare Solutions business.
"The acquisition of Piramal's Healthcare Solutions business further strengthens Abbott's growing presence in emerging markets," said Miles D. White, chairman and chief executive officer, Abbott. "Piramal's portfolio of well-known, trusted products has served patients in India for decades. Combined with existing product offerings, Abbott is uniquely positioned to meet the needs of one of the world's fastest-growing pharmaceutical markets."
India's rapid pharmaceutical market growth is being driven largely by branded generics. The market will generate nearly $8 billion in pharmaceutical sales this year, a number that is expected to more than double by 2015. Abbott expects its pharmaceutical sales in India to exceed $2.5 billion by 2020. Piramal's Healthcare Solutions business has a comprehensive portfolio of branded generics, including market-leading brands in multiple therapeutic areas, including antibiotics, respiratory, cardiovascular, pain and neuroscience.
The Healthcare Solutions business will operate as a separate business unit, reporting into Abbott's newly-created Established Products Division (EPD), which was formed to focus on branded generics, maximizing the opportunity in emerging markets. The business will continue to be led by its current India-based management team.
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