There has been a business agreement in the Indian pharmaceuticals industry today. This has been the second biggest ever deal in the Indian pharma industry. The pharmaceuticals solution business of Piramal Health care was bought by US based Abbot Laboratories for $3.72 billion (Rs 17,500 crore).

The deal includes compensation of a clear cut payment of $2.12 billion, with an additional payment of $400million annually up to the next four years. Since 1988 the Indian drug maker has made 15 numbers of acquisitions itself except this one. In the year 2008, the Japanese drug maker Daiichi Sankyo had the biggest ever deal in the Indian drug market and the deal was of $4.2 billion. It was the takeover of a homegrown drug major Ranbaxy.

350 nos. of branded generic drugs will be added to Abbot from the Piramal portfolio. Phensedyl which is one of the top brands in the country is also been added to that list. As per the experts, the deal may have its adverse effect of the US firm Abbot as well.