Abbott has entered into a definitive agreement to acquire Kos Pharmaceuticals in a transaction valued at $3.7 billion. Kos is a specialty pharmaceutical company that develops and markets proprietary medications for the treatment of chronic cardiovascular, metabolic and respiratory diseases. Kos is based in Cranbury, NJ.

“Kos Pharmaceuticals is an excellent strategic fit for Abbott, both scientifically and commercially,” said Miles D. White, chairman and chief executive officer, Abbott. “This acquisition expands Abbott’s presence in the lipid management market and will provide several on-market and late-stage pipeline products. Kos also complements our existing commercial and research and development expertise, and increases our R&D spending capacity.”

“Since being founded in 1988 by our current chairman Emeritus Michael Jaharis and chairman Daniel Bell, Kos has pioneered the HDL therapy area in the U.S. and firmly established Niaspan and Advicor as successful and highly differentiated therapies,” said Adrian Adams, president and chief executive officer, Kos Pharmaceuticals. “This is an opportune time to become a part of another fast-growing organization like Abbott with the shared experience and additional resources to help capture the full value of our highly differentiated cholesterol franchise and our growing R&D pipeline.”