Medical products manufacturer Abbott, Abbott Park, Ill., has completed its $6.2 billion purchase of Belgium-based Solvay Pharmaceuticals, according to a news release.
The acquisition will expand Abbott's drug portfolio, particularly in the areas of cardiovascular, neuroscience and gastroenterology treatment, and add about $500 million annually to its research and development investment. Abbott expects the Solvay portfolio to add roughly $2.9 billion to its 2010 sales, most of which will come from non-U.S. markets.
Under the purchase agreement, Solvay CEO Werner Cautreels will stay with the company in a transitional role for an unspecified period, but will step down as lead executive and is expected to eventually leave the company. Solvay has been folded into Abbott's global pharmaceutical products group.