Abbot to acquire piramal healthcare

Abbott India has acquired the healthcare solutions business of Piramal Healthcare to become number one pharmaceutical company in India. The assets to be transferred include the company's manufacturing facilities at Baddi, Himachal Pradesh and rights to around 350 brands.

The deal, which is likely to be completed by September 2010, will entail an upfront payment of $2.12 billion to Piramal. An additional $400 million will be paid annually for next four years.

Going ahead, Piramal will now be left with its CRAMS, critical care business and some OTC businesses.