EU to Approve Abbott, Solvay Deal
Reuters is reporting that Abbott Laboratories is expected to win EU approval this week for its takeover of Solvay's drugs unit. Abbott announced its intention to buy out Solvay's cholesterol treatments and boost its presence in fast-growing emerging markets last September. The €4.5 billion deal is expected to be approved on Thursday. The European Commission was initially hesitant to approve the deal out of antitrust concerns. Abbott has now proposed concessions aimed at ensuring the deal would not hurt competition.
The Solvay Pharmaceuticals deal was the second-largest ever for Abbott and followed its acquisitions of medical device company Evalve for $410 million and eye treatment firm Visiogen for $400 million.
Solvay, which has a substantial presence in Eastern Europe and Asia, co-markets cholesterol treatments TriLipix and Tricor with Abbott.