Is this move smarter than it seems?
Solvay's flu vaccine business, on the other hand, Abbott can live without. The Wall Street Journal reports that the company has put its newly acquired flu business up for auction. The unit could fetch over $600 million.
I liked the original purchase by Abbott because it decreased the company's reliance on its anti-inflammatory drug Humira, which has gotten a little out of control, making up 18% of total revenue last quarter. Selling off part of the acquisition, however, kind of goes back to that model.
Investors can only hope that this is a case of Abbott believing that it has better use for its capital. GlaxoSmithKline
Abbott acquired a few cancer drugs when it purchased Facet Biotech. A further push in that direction wouldn't be such a bad move. There aren't too many unpartnered cancer drugs out there, but Facet was partnered with Biogen Idec
Just like Gilead Sciences
Make your sale and future purchases wisely, Abbott; your investors are watching.
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