Abbott Laboratories, the U. S based pharmaceutical firm announced on Tuesday completion of acquisition of Solvay SA's pharmaceutical unit. The cost of Belgium chemical maker buyout is €5.2 billion. "This includes first cash payment of euro 4.5 billion and additional cash payment of up to euro 300 million if the specific milestone are met between 2011 and 2013," Solvay SA said in a statement .The companies have received a green signal from European antitrust approval clearing the way for the deal to close.

"The acquisition of Solvay Pharmaceuticals is a key part of Abbott's strategy to bolster our presence in key markets," stated Abbott CEO Miles White in a Tuesday release. The deal would increase the top and bottom line of U. S drug maker as the deal provide access to the emerging markets along with company's traditional markets.

Abbott would increase its international presence and would increase its product portfolio. Abbott the U. S pharmaceutical products maker will increase its sales the emerging markets of Eastern Europe and Asia-pacific and Middle East. The buy out is believed to add $2.9 billion to sales in 2010 and about $500 million to its annual research and development investment.