Abbott in Acquisition of Solvay's Pharmaceuticals Business

Cleary Gottlieb is representing Abbott as its global antitrust counsel in connection with its acquisition of Solvay Group’s pharmaceuticals business for €4.5 billion in cash. The acquisition, which is is one of the largest private transactions to involve a Belgian company, will provide Abbott with a large and complementary portfolio of pharmaceutical products and a significant presence in key global emerging markets. The transaction is expected to close in the first quarter of 2010.

Abbott is a global, broad-based health care company active in the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 72,000 people and markets its products in more than 130 countries.

Solvay Pharmaceuticals is global pharmaceutical business of the Solvay Group. Its 2008 sales were €2.7 billion, and it employs more than 9,000 people worldwide.