Abbot Group to forfeit £5million due to corruption charges

Abbot Group to forfeit £5million due to corruption chargesDrilling contractor Abbot Group will now have to forfeit more than £5million that it earned as profits from a contract that is now linked to irregularities.

The company will now have to give up the profits it earned on a contract agreed in 2006 because the investigators have found certain irregularities in the deal. The Crown Office and Procurator Fiscal Service (COPFS) has said that the company would have t provide £5.6million to the the Civil Recovery Unit, which alerted the authorities.

Lupin launches generic version of TriCor in the US

Lupin launches generic version of TriCor in the USMumbai-based Lupin Pharmaceuticals Ltd has launched a generic version of TriCor, which is a cholesterol lowering drug of Abbott Laboratories in the US market.

Lupin had received the approval from the US Food and Drug Administration for the generic version of the drug in December of the previous year. Lupin said in a statement said that the Tricor tablets have annual sales of $1.26 billion in the United States.

Abbott penalized in Depakote drug Case

Abbott penalized in Depakote drug CaseDrug maker Abbott Laboratories (ABT) has lost the Depakote drug case in the US and has been sentenced to pay criminal liabilities.

U. S. District Court Judge Samuel Wilson of the Western District of Virginia ahs ordered the company to pay $500 million in criminal fine, forfeit another $198.5 million and pay $1.5 million to the Virginia Medicaid Fraud Control Unit. The company will also face a five year term of probation after it was proven guilty in the court.

Patent office denies Abbott Labs plea for costly AIDS drug

Abbott-LabsHIV/AIDS patients around the globe can cheer up on this: as the Mumbai Patent Office has refused to grant a patent application on a crucial medicine by a multinational firm Abbott Laboratories.

This rejection permits low cost generic versions of the medicine to foray in the market, and at the same time continue being exported to nations such as Thailand, Brazil, Ecuador, etc.

The Patent Office denied application for a tablet form of lopinavir/ritonavir (LPV/r) on the matter that the product did not meet the Indian patentability requirements.

Piramal set to sell off more businesses

Piramal set to sell off more businessesAfter selling off its pharmaceutical business to Abbott Laboratories, the Ajay Piramal group is all set to sell more businesses.

And the first in the line will be its glass business, which as said by people close to the developments, will be sold to Hindustan National Glass and Industries.

Talking to a private business newspaper, Economic Times, an official close to the matter said that the two parties have already signed a non-disclosure agreement. They are now looking forward to the valuations of the business.

Abbott Labs Acquires Piramal’s Healthcare Unit For $3.7 Bln

Abbott Labs Acquires Piramal’s Healthcare Unit For $3.7 BlnUS 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.

ABT’s Q1 profits drop

ABT’s Q1 profits dropHealthcare company, Abbott Laboratories' (ABT) saw its first quarter earnings go down by as much as 30 per cent. This happened despite the company's sales rose by 15 per cent.

ABT said that the increase in sales has happened because it gained in the field of drugs, medical devices and also the nutritional products. The drop in profit, however, is the result of US health-overhaul regulations.

The company reported that most of the sale came from in the drug segment, particularly in the arthritis treatment- Humira.

Abbot Laboratories has huge plans

Abbot Laboratories has huge plansAbbott Laboratories, US based pharmaceutical company said on Wednesday that it has completed the acquisition of the South Africa based Solvay pharmaceuticals. It acquired the global drug business of Solvay.

Abbott completes Solvay buy

SolvayAbbott 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.

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