Abbott Park, Illinois (ots-PRNewswire) - Abbott Laboratories
(NYSE: ABT) announced today that the 30-day waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act for U.S. government
review of Abbott's pending acquisition of BASF's pharmaceutical
business has expired.
The expiration of the Hart-Scott-Rodino waiting period satisfies
one of the principal conditions to the pending acquisition. Under the
terms of the agreement, Abbott will pay $6.9 billion in cash for BASF
Pharma. The transaction, which is subject to other regulatory
approvals and customary closing conditions, is expected to be
completed in the first quarter of 2001.
The two companies announced on December 15, 2000, that they had
entered into a definitive agreement for Abbott to acquire the
pharmaceutical business of BASF, which includes the global operations
of Knoll. This acquisition will enhance Abbott's global
pharmaceutical business and enable Abbott to broaden its global
infrastructure, acquire late-stage and marketed products, increase
its pharmaceutical R&D spending significantly and access leading
monoclonal antibody technologies.
The acquisition of the BASF Pharma business complements the
product portfolio in several of Abbott's core franchises, including
cardiovascular, neuroscience/pain and metabolic diseases. It also
gives Abbott best-in-class research and manufacturing capabilities at
the Worcester, Mass., facility, where outstanding scientists are
focused on advanced monoclonal antibody programs for the development
of drugs with application for autoimmune diseases.
Abbott Laboratories is a global, diversified health care company
devoted to the discovery, development, manufacture and marketing of
pharmaceutical, diagnostic, nutritional and hospital products. The
company employs 60,000 people and markets its products in more than
130 countries. In 2000, the company's sales and net earnings were
$13.7 billion and $2.8 billion, respectively, with diluted earnings
per share of $1.78.
Abbott's news releases and other information are available on the
company's Web site at www.abbott.com
ots Original Text Service: Abbott Laboratories
Media, Kathleen O'Neil, +1-847-938-3895, or
Financial, John Thomas, +1-847-938-2655,
both of Abbott Laboratories.
Company News On-Call:
fax, +1-800-758-5804, ext. 121546
Web site: http://www.abbott.com
Original-Content von: Abbott Laboratories, übermittelt durch news aktuell