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Abbott Secures Conditional EU Approval for Solvay Drugs Acquisition

2:34 AM MST | February 12, 2010 | Natasha Alperowicz

Abbott Laboratories has secured conditional EU approval for the acquisition of the drug unit of Solvay. Abbott will need to divest the cystic fibrosis testing business of Solvay pharma's subsidiary Innogenetics in Europe, as part of the approval. The European Commission said it had concerns that the combined market share in cystic fibrosis testing could harm competition. Abbott announced last September that it had agreed to buy Solvay's pharma business for €4.5 billion ($6.2 billion). The move will transform Solvay from a chemical-pharmaceutical hybrid...

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