Abbott Laboratories Completes Piramel Buyout

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.

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