NEW YORK (AP) -- Abbott Laboratories said Wednesday it completed the buyout of Piramel Healthcare Ltd.'s domestic health care business for $3.8 billion.
Piramel, based in India, is a branded generics company. The deal was announced in May.
Abbott, based in North Chicago, Ill., paid an initial $2.2 billion and will pay another $400 million annually for four years.
The deal makes Abbott a key player in India's generic drug market.
Abbott expects its pharmaceutical sales in India to exceed $2.5 billion by 2020.