Abbott has entered a definitive agreement with the Solvay Group to acquire Solvay’s pharmaceuticals business for $6.6 billion in cash. The acquisition also includes global rights to the fenofibrate franchise. Currently Abbott has U.S. rights to fenofibrate and pays royalties to Solvay.

Belgium-based Solvay Pharmaceuticals will add more than $3 billion in annual sales; the majority outside the U.S. Solvay also has significant presence and infrastructure in high-growth emerging markets, including Eastern Europe and Asia. The acquisition will also add approximately $500 million to Abbott’s annual pharmaceutical R&D investment.

Solvay’s portfolio adds to Abbott’s presence in specialty markets such as cardiovascular disease, neuroscience and gastroenterology. Solvay has products for Parkinson’s disease, Meniere’s disease (abnormality of the inner ear), vertigo, and irritable bowel syndrome. Solvay also offers products to treat hormonal health and exocrine pancreatic insufficiency, which is associated with several underlying conditions including cystic fibrosis and chronic pancreatitis.

The acquisition also includes Solvay’s vaccines business, which will provide Abbott entry into the global vaccines market. Solvay has a small molecular diagnostics unit that will become part of Abbott’s diagnostics organization once the transaction closes.

“The acquisition of Solvay Pharmaceuticals further diversifies our pharmaceutical portfolio, expands our presence in key high-growth emerging markets, enhances our investment in R&D and accelerates our long-term earnings-per-share growth outlook,” said Miles D. White, chairman and chief executive officer, Abbott.

“With this transaction Solvay Pharmaceuticals has found a new strong home, within a respected company with a solid and committed position in the industry,” said Christian Jourquin, chief executive officer, Solvay.