Abbott completes Kos acquisition

US health care major Abbott Laboratoaries says that it has now acquired 100% of the outstanding shares of Kos Pharmaceuticals, for which it made a $3.7 billion offer earlier this year (Marketletter November 13). As previously announced, at the conclusion of its successful tender offer on December 12, Abbott owned around 91.4% of Kos' shares (including those acquired in a concurrent transaction). As the final step in the acquisition process, Kos has been taken over as a wholly-owned subsidiary of Abbott.

The addition of Kos broadens Abbott's portfolio of products for lipid management - the world's largest pharmaceutical segment - and brings a rich pipeline of near- and mid-term opportunities in lipid management, diabetes care and asthma, the company says.