Abbott (NYSE: ABT) today announced that it has acquired control of Veropharm, a leading Russian pharmaceutical manufacturer.
Abbott has had a presence in Russia for nearly 40 years and, in line with its long-term commitment to growing global healthcare markets and capabilities, the company is committed to providing a reliable supply of its healthcare products to Russian patients.
Through this acquisition, Abbott establishes a manufacturing footprint in Russia through Veropharm's production facilities, which include a new manufacturing facility currently under construction. Abbott also obtains a portfolio of medicines that is well aligned with its current pharmaceutical therapeutic areas of focus in women's health, central nervous system, cardiovascular and gastroenterology, while adding an offering in the field of oncology and pharmaceutical R&D capabilities for Russia.
Abbott acquired control of Veropharm for 16.7 billion rubles (or approximately $305 million U.S. dollars) through its purchase of Limited Liability Company Garden Hills, the holding company that currently owns approximately 98 percent of Veropharm. Abbott will fund the transaction with cash on the company's balance sheet. The transaction will not impact ongoing earnings-per-share guidance for 2014.
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