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Abbott Calls Off Sale of Flu Vaccine Business In Europe

From M&A Navigator (September 3, 2010)

US drugmaker Abbott Laboratories (NYSE:ABT) has abolished plans to sell its European flu vaccine business due to undervaluing initial offers, Abbott's spokeswoman Melissa Brotz said yesterday, confirming a previous report by The Wall Street Journal.

Abbott will retain the activities, which it recently bought from Belgian peer Solvay (EBR:SOLB), without integrating them into its other businesses, the spokeswoman added.

According to the report, four to five potential buyers showed interest in the business but their offers valued it at less than EUR500m (USD641.9m), which was below the expectations of Abbott.

Country: Europe;

Sector: Pharmaceuticals

Target: European flu vaccine business

Vendor: Abbott Laboratories Inc

Deal size in USD: 641.9m

Type: Divestment

Status: Terminated

Comment: Abbott received bids of less than EUR500m for the business.

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Posted: September 2010