Abbott Looks to Sell its Flu Vaccine Unit
Abbott Laboratories is exploring the sale of its flu vaccine unit acquired as part of its purchase of Solvay's drugs unit.
"Abbott is exploring the option to potentially sell the Solvay vaccines business," Abbott spokesman Scott Stoffel said.
The deal could fetch €500 million, the Wall Street Journal said, citing people familiar with the matter.
Illinois-based Abbott earlier this year completed its $6.2 billion acquisition of Belgium's Solvay Pharmaceuticals. The unit's flu vaccine Influvac had €162 million in sales last year, with its sales occurring outside the U.S.
Solvay's cell-based flu vaccine production facility was validated last September, just before the Abbott deal was announced. According to the Journal, Abbott launched an auction last week, sending marketing materials to a handful of large healthcare companies. Several big drug companies have invested heavily in production of new flu vaccine in recent years, partly trying to cash in on pandemic flu viruses.
