WSJ: Abbot Close To Announcing Deal For Solvay Pharma Unit

   By Jeanne Whalen, Dana Cimilluca and Jeffrey McCracken 
   Of THE WALL STREET JOURNAL 
 

Abbott Laboratories (ABT) is close to announcing a deal to acquire Belgian conglomerate Solvay SA's (SOLB.BT) pharamaceutical unit for roughly 5.2 billion euros, according to people familiar with the matter.

The all-cash deal could be announced as soon as Monday.

(This story and related background material will be available on The Wall Street Journal Web site, WSJ.com.)

Abbott bested rival bidder Nycomed of Switzerland, which had been seriously pursuing Solvay's drug unit for months. Abbott declined to comment. The deal gives Abbott access to Solvay's drugs for hypertension and Parkinson's disease, as well as full control of two drugs for cholesterol and triglycerides that Abbott and Solvay already sell together.

Abbott re-emerged after earlier dropping out of the auction, people familiar with the matter said.

Abbott of late has been in a more acquisitive mode, making a strong run this summer at purchasing a veterinary medicine business from Merck & Co. (MRK) French drug maker Sanofi-Aventis SA (SNY) eventually bought the asset for $4 billion.

The company has said it is looking for small- to midsize acquisitions that can provide new technology or new lines of business that drive growth. In the past several months, Abbott has made three acquisitions, including deals in September to purchase medical-device company Evalve Inc. for $410 million and eye-care device maker Visiogen Inc. for $400 million.

-By Jeanne Whalen, Dana Cimilluca and Jeffrey McCracken, The Wall Street Journal; 44-207-842-9217