Shares of Abbot Labs (ABT) are 48 cents lower, or 1%, at $46, after the company this morning announced it will pay $3.76 billion in cash to purchase the Mumbai-based Piramal Healthcare Solutions business of�Piramal Healthcare Ltd., a leader in generic drugs in India, giving the company the “number one position in the Indian pharmaceutical market,” it said.
The purchase, to be funded by cash on the balance sheet, includes an up-front $2.16 billion payment, followed by $400 million per year for four years. Abbot is buying the unit from The Piramai Group, an Indian conglomerate.
India is one of the fastest-growing markets in pharma, the company said, largley because of generics, with revenue projected at $8 billion this year for the industry overall. A
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