Abbott Laboratories acquires Belgian chemical maker for $6.6 billion

NEW YORK (AP) — Abbott Laboratories on Monday said it would pay $6.6 billion for the pharmaceutical business of Belgian chemicals maker Solvay in a move to further expand internationally and add to its product portfolio.

The deal is the latest in a string of drug mergers and acquisitions, and one of three announcements Monday that involved the fast-growing vaccines business.

By purchasing Brussels-based Solvay, Abbott gains access to emerging markets in Eastern Europe and Asia along with new therapeutic areas, including hormone therapies and vaccines.

Solvay’s flu vaccine Influvac will give Abbott an entrant in the burgeoning vaccines market, which is currently dominated by European pharmaceutical giants like GlaxoSmithKline and Novartis.

Also on Monday, Johnson & Johnson bought an 18-percent stake in Dutch biotechnology company Crucell NV, which is trying to develop a universal flu vaccine, while competitor Merck acquired the rights to sell Australia-based CSL Ltd.’s Afluria flu vaccine in the US.

North Chicago, Ill.-based Abbott already holds US marketing rights for Solvay’s Trilipix and TriCor, drugs which raise “good” HDL cholesterol while reducing triglycerides and “bad” LDL cholesterol.

Solvay’s other top-selling drugs include the Parkinson’s disease treatment Duodopa and hormone therapy drugs AndroGel and Duphaston.

Monday’s announcement is the latest in a string of mergers and acquisitions, as cash-rich pharmaceutical companies race to acquire new products amid looming patent expirations. Earlier this year Swiss drugmaker Roche acquired biotech pioneer Genentech following similar deals uniting Pfizer Inc. and Wyeth, and Merck & Co. with Schering-Plough.