BASF sells pharma business to Abbott Lab.

MUMBAI, DEC. 15. Knoll Pharmaceuticals, the Indian pharma arm of BASF AG, today informed the Bombay Stock Exchange that BASF Southeast Asia Pvt. Ltd., Singapore, has sold its entire pharma business to Abbott Laboratories for $6.9 billion. BASF, the world's biggest chemical company, was selling its pharmaceutical operations to focus on the strengths of its portfolio and broaden its base for further profitable growth, Knoll Pharma said in a notice to the stock exchange.

An agreement was signed yesterday to sell the pharma business to Abbott Laboratories, headquartered in Illinois, U.S. The boards of both companies have approved the arrangement, the notice said.

The parent company would also divest its stake in Knoll Pharma as it was part of the international agreement, a BASF India spokesperson said. The agreement covers all German and international operations of BASF Pharma and is subject to approval by regulatory agencies and the transaction is expected to be completed in the first quarter of 2001.

An Abbott Laboratories company official when contacted said details of the deal in the Indian context would be made known in a week's time.

- PTI

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Section  : Business
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