International law firm Stephenson Harwood has advised Piramal Healthcare, a Mumbai-listed pharmaceutical company, on the sale of its domestic formulations division to the US pharmaceuticals company Abbott for a cash consideration of US$3.72 billion.
If the transaction is successful, Abbott will become India’s largest pharmaceutical company.
The sale of Piramal’s branded generic pharmaceuticals division will allow Piramal to invest further in its remaining pharmaceutical businesses and diversify its activities. The transaction will now go to Piramal’s shareholders for approval and is expected to be completed in the second half of 2010.
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