Abbott, Wockhardt Terminate Nutritional Business Deal
This article was originally published in The Tan Sheet
Executive Summary
Pharmaceuticals and diagnostics giant Abbott and debt-ridden Indian drug maker Wockhardt call off their $130 million deal for a nutritional business announced less than a year ago
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Abbott grows in emerging markets
Abbott's worldwide nutrition sales jump 11.8 percent to $1.32 billion in the first quarter, benefiting from foreign exchange and continued growth in emerging markets. International nutritional sales climbed 18.1 percent to $678 million in the January-March period, while the U.S. grew 5.9 percent to $642 million, the Abbott Park, Ill., firm reported April 21. Sales of adult nutrition brands, including Ensure and Glucerna, climbed 10.3 percent in the U.S. and 20.6 percent internationally. VP of Investor Relations John Thomas said in an earnings call. Abbott Nutrition in China is growing twice the market rate. While Abbott's deal to buy Wockhardt's Indian nutritional business was called off, Abbott likely seeks other nutritional opportunities in India (1"The Tan Sheet" April 5, 2010). In the quarter, the company recorded total sales of $7.7 billion, a 14.6 percent gain over the year-ago quarter