Abbott purchases healthcare solutions provider

ABBOTT PARK, Ill. Abbott aims to become the top drug maker in India with the purchase of the healthcare solutions business of the Piramal Group, Abbott said Friday.

Abbott will pay $2.12 billion upfront, plus $1.6 billion over the next four years, spaced out in annual $400 million installments. The drug maker, based near Chicago, said it expected the acquisition of Piramal’s portfolio of branded generics to push up its sales in that country to more than $2.5 billion a year by 2020.

“This strategic action will advance Abbott into the leading market position in India, one of the world’s most attractive and rapidly growing markets,” Abbott CEO Miles White said. “Our strong position in branded generics and growing presence in emerging markets is part of our ongoing diversified pharmaceutical strategy, complementing our market-leading proprietary pharmaceutical offerings and pipeline in developed markets.”