Abbott has completed its previously announced acquisition of Veropharm, a Russian pharmaceutical manufacturer. Abbott acquired control of Veropharm for 16.7 billion rubles ($305 million) through its purchase of Limited Liability Company Garden Hills, the holding company that currently owns approximately 98% of Veropharm.

Through this acquisition, Abbott establishes a manufacturing footprint in Russia through Veropharm’s production facilities, which include a new manufacturing facility currently under construction. Abbott also obtains a portfolio of medicines that is well aligned with its current pharmaceutical therapeutic areas of focus in women’s health, central nervous system, cardiovascular and gastroenterology while adding an offering in the field of oncology and pharmaceutical R&D capabilities for Russia. Abbott has been operating in Russia since 1978 with its Russian operations headquartered in Moscow. Abbott provides diagnostics, medical devices, nutritionals and branded generic pharmaceuticals.

Source: Abbott