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Abbott Laboratories satisfies key US Antitrust closing condition for acquisition of BASF's pharmaceutical business
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 Internet: http://recherche.newsaktuell.de
Contact: Media, Kathleen O'Neil, +1-847-938-3895, or Financial, John Thomas, +1-847-938-2655, both of Abbott Laboratories.
Company News On-Call: http://www.prnewswire.com/comp/121546.html or fax, +1-800-758-5804, ext. 121546
Web site: http://www.abbott.comOriginal-Content von: Abbott Laboratories, übermittelt durch news aktuell