Abbott Laboratories reported solid sales gains in its core laboratory and point-of-care diagnostics lines during the 2014 second quarter, thanks to larger testing volumes and new products.
We know plenty of Big Pharma companies are hawking portfolios of old products. What we don't know is who might buy them. One answer came earlier this week, when Mylan said it would acquire an ex-U.S. portfolio of Abbott Laboratories meds in a $5.3 billion stock swap. Now, it might be Sanofi's turn--and Mylan and Abbott are part of that chatter, too.
Mylan has been hunting for a buy. Now, it's found one. The Pittsburgh-based generics specialist is buying a big chunk of Abbott Laboratories' drug business, in a stock swap worth $5.3 billion. With $2 billion in annual sales, the products would jack up Mylan's top line by almost 30%.
Boston Scientific's Guidant subsidiary faces more legal pushback in its ongoing breach-of-contract lawsuit against Johnson & Johnson, as a federal judge denied the company's request to toss out the case.
Abbott Laboratories said Monday it will establish its manufacturing bona fides by buying Russian drugmaker Veropharm and its four manufacturing plants.
Lawsuits have been piling up against Abbott Laboratories and its recent spinoff, AbbVie, maker of one of the top-selling testosterone supplements, AndroGel. A panel of judges has now decided that those suits will be consolidated in Chicago, where both companies are based.
CFR Pharmaceutical, which tried for months to buy South Africa's Adcock Ingram, will now be gobbled up itself. Abbott will boost its now limited drug portfolio with a deal to buy the South American company for about $3 billion.
Abbott Laboratories has defeated a patent challenge from Israeli devicemaker Medinol, convincing a Netherlands court that its bare-metal stents don't infringe the company's intellectual property.
Abbott Laboratories is rumored to be shopping around a portion of its sizable generic drug business, possibly looking to cash out and focus on its fast-growing diagnostics segment.
Sanofi, Merck, and Abbott Laboratories are all planning to sell off portfolios of drugs that have lost their patent protection. The proceeds from such sales could be significant--$7 billion for Sanofi, $15 billion for Merck, and $5 billion for Abbott. Add in AstraZeneca, whose CEO proposed deals for its neuroscience and anti-infectives businesses, and you have another $15 billion in potential proceeds--a total of $42 billion.