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Pharmacia may take 51.5 percent Abbott stake

by Medindia Content Team on  January 29, 2002 at 1:32 PM Drug News   - G J E 4
Pharmacia may take 51.5 percent Abbott stake
PHARMACIA Corp is close to signing a deal to acquire the 51.5 per cent stake in Abbott Laboratories India held by fellow US drugmaker Abbott Laboratories Inc. An industry source who declined to be identified, said Pharmacia could reach an agreement in the next few days to buy the stake in Abbott Laboratories India.
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"If all goes well, senior Abbott officials from the company's regional office in singapore will be soon in india," he said. The source did not mention the amount Pharmacia will pay for the stake, which it could acquire through its wholly-owned Indian unit, Pharmacia India Pvt. Ltd.

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Pharmacia India Managing Director, Mr Venkat Sohoni, said he would not comment either way, while Abbott officials in Mumbai and Singapore also declined to comment. The US-based Abbott would retain its 58.2 per cent holding in another Indian subsidiary, knoll Pharma.
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