Abbot Laboratories’ Indian subsidiary, Abbott Capital, has offered to the shareholders of Solvay Pharma India Limited to acquire 20 percent of the voting capital, equal to about 10.1 lakh shares at Rs. 3,054.73 ($66.22) for each share.

This offer is in line with Abbott’s global acquisition of Belgium-based Solvay Pharmaceuticals, a research driven pharmaceutical company for Euro 5.3 billion (Rs.32,383 crore). Abbott Laboratories is a US-based health care company with a significant presence in the pharmaceutical field, especially, discovery, development, manufacture and marketing of pharmaceuticals and medical products. Solvay India deals in products related to psychiatry, gastroenterology, hormone therapies and influenza vaccines, amongst others.

Luthra & Luthra Law Offices’ Mumbai and Delhi offices advised Abbott Capital India. Led by Senior Partner Mohit Saraf, the team comprised of Partners Sundeep Dudeja, Aniket Sengupta and Senior Associate Shishir Vayttaden with associates Jitender Tanikella and Siddharth Shukla. As for tax advisory relating to the transaction, Partners, Vikas Srivastava and S.R. Patnaik advised.

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