Deal news: Abbott Laboratories (ABT, Fortune 500) is buying the drug unit of its development partner, Belgian pharmaceutical company Solvay, for about $6.6 million in cash. Abbot shares rose 3%.Speaking of acquisitions, Johnson and Johnson bought an 18% stake in biotech firm Crucell for $444 million as part of a deal to develop a flu vaccine.
Monday, September 28, 2009
Abbott to buy Solvay for $6.6 billion (or million?)
CNNMoney.com has a typo in their story. They state that Abbott is buying Solvay for $6.6 million (maybe by now they've fixed the typo). It's actually closer to $6.6 billion (or maybe over $7 billion - pending other factors). Million instead of billion would have been a real bargain!
Labels: Abbott, CNN, Johnson and Johnson, Solvay, stocks, Wall Street
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