Abbott Laboratories (NYSE: ABT) reported Tuesday it completed the $6.2 billion buyout of Solvay's pharmaceutical business, according to Associated Press.
On Thursday, the companies received European antitrust approval for the deal, which will allow for the deal to close.
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According to the antitrust clearance, Abbott will have to divest Solvay's cystic fibrosis testing business. The buyout helps Abbott expand internationally and add to its product portfolio as Solvay is based in Belgium.
Abbott will gain access to emerging markets in Eastern Europe and Asia, along with new therapeutic areas, including hormone therapies and vaccines.
Abbott said the buyout will add about $2.9 billion to sales in 2010, while adding about $500 million to its annual research and development investment.
Shares of Abbott rose 64 cents to $54.57 in afternoon trading.
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