Belgium-based Solvay Group has agreed to sell its pharmaceuticals sector to Abbott Laboratories for $6.6 billion in cash, diversifying Abbott’s product portfolio and increasing its presence in the expanding markets of Eastern Europe and Asia.
In addition to the cash payment, Solvay could receive an additional $441 million in milestone payments based on product performance between 2011 and 2013, bringing the grand total of the deal to $7.1 billion.
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