Moscow Times June 24, 2014
U.S. healthcare firm Abbott Laboratories is to buy Russian drugmaker Veropharm for up to $495 million, giving it a manufacturing presence in a country where it has been operating for nearly 40 years, Abbott said Tuesday.
The deal bucks a drought in Russian M&A activity this year due to the country’s faltering economy and the Ukraine crisis. U.S. companies have been particularly stymied from investing here, with Washington advising top executives to steer clear of a major Russian investment forum in May.
Abbott’s purchase is the largest acquisition by a U.S. company in Russia since Philip Morris International and Japan Tobacco in December announced plans to buy stakes in cigarette distributor Megapolis for $750 million each, according to Thomson Reuters data.
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