Abbott ($ABT) picked up Vietnamese drug manufacturer Glomed for an undisclosed price in a deal that gives the pharma giant two manufacturing facilities in that country in addition to expanding its visibility in Southeast Asia.
U.S.-based Abbott, which has a 20-year presence in Vietnam, is known in the region for its formula milk. With the Glomed transaction, Abbott picks up two manufacturing plants in Vietnam’s Binh Duong province, 5 branches and more than 800 employees.
Abbott said it intends to focus on anti-infectives, gastroenterology, pain management, cardiovascular, respiratory and women’s health, and over-the-counter products.
The company is already known in the area for nutrition and its portfolio in medical devices and diagnostics.
“The company intends to build on Glomed’s success to date to ensure long-term growth in the country,” Ngo Van Huy, general manager of Abbott Vietnam’s pharmaceuticals business, told VN Express, adding that the deal will enhance Abbott’s ability to serve patients in Vietnam with innovative, high-quality healthcare solutions.
Vietnam has been opening its doors to more foreign investment over a number of industries in the wake of new policies such as the signing of the Trans-Pacific Partnership trade pact.
In July, Tokyo-based Taisho Pharmaceutical bought a 24.5% stake in Vietnam's DHG Pharmaceutical, the country's top drug distributor that handles a wide variety of prescription therapies, over-the-counter treatments and personal care products.
- here’s the VN Express story