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August 5, 2021

Abbott to buy Russia’s Veropharm drug maker

Abbott Laboratories has agreed to acquire a Russian pharmaceutical manufacturer a press release informs, for between USD 395 million and USD 495 million in cash plus the assumption of about USD 136 million in debt, as chicagotribune.com informs. The Lake County-based medical products company will purchase Garden Hills, a holding company that owns a controlling interest in Veropharm, gaining access to a portfolio of about 100 medications made at three sites across the country. The final transaction price is contingent on what percentage of Veropharm shares Garden Hills owns at the time of the Abbott purchase. Abbott said it expects the acquisition to close in the Q4 and add about USD 150 million in sales in 2015. News of the deal comes just after Abbott said it agreed to buy the Chilean generic pharmaceutical company CFR Pharmaceuticals.

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