Abbott to Buy Piramal Health Unit for $3.72 Billion
May 21 (Bloomberg) -- Abbott Laboratories said it will buy Piramal Healthcare Ltd.'s Healthcare Solutions unit for $3.72 billion to become the biggest drug company in India. Shares of the Indian company fell after the announcement.
Abbott will pay $2.12 billion initially and $400 annually over the next four years, the Abbott Park, Illinois-based drugmaker said in a statement today.
The Piramal purchase builds on Abbott's acquisitions in emerging countries to tap demand as growth slows in the U.S., the world's largest pharmaceutical market.
Piramal dropped 4.8 percent to 543 rupees as of 11:34 a.m. in Mumbai trading, and India's benchmark Sensitive Index lost 1.2 percent.