Abbott to Acquire Russian Pharmaceutical Manufacturer, Veropharm

WASHINGTON - June 25, 2014 - PRLog -- Based on the official terms and agreement, Abbott will acquire Limited Liability Company Garden Hills, the holding company that currently owns a controlling interest in Veropharm, ranging between $395 million and $495 million U.S. dollars this is however, dependent on the Garden Hills' share ownership of Veropharm at time of close.

Garden Hills currently owns more than 80 percent of Veropharm and may be expected to own more than 95 percent by the time the transaction closes. In consonance with the agreement, Abbott will also assume net debt of 4.7 billion rubles (or approximately $136 million U.S. dollars).

Through this acquisition Abbott will obtain a diversified prescription portfolio of medicines that is focused on various therapeutic areas which includes: women's health, central nervous system, cardiovascular, and gastroenterology, while also adding an offering in the field of oncology.  According the company, this acquisition is projected to add approximately $150 million U.S. dollars in sales in 2015. The transaction is expected to close in the fourth quarter and will not impact Abbott's ongoing earnings-per-share guidance for 2014. The transaction is subject to customary closing conditions and regulatory approvals. Abbott has also committed to long term growth in the Russian healthcare market by providing a consistent supply of its health care products to Russian patients as well.

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