US drug major Abbott Laboratories has acquired the domestic business of India-based Piramal Healthcare for about 3.7 billion dollars.

Fending off fight from other drug biggies such as Britain's GlaxoSmithKline, Sanofi Aventis and Pfizer, Abbott bagged the auction bid for Piramal Healthcare.

The deal reflects the heightened interest Western firms have displayed in the speedily growing Indian drug market.

Miles White, CEO of Abbott, stated, "It's a race. These markets are so significant in the future growth sources for our industry that it's important for us to be there early and in a meaningful, strong way."

Piramal will keep hold of its manufacturing business thatsupplies other drug makers all over the world, as well as other operations including consumer products and bulk drugs manufacturing. (With Inputs from Agencies)