Abbott Labs to buy Solvay's drug unit

The companies already co-market Tricor and TriLipix for controlling blood fats called triglycerides. A deal would help give a much-needed boost to Abbott's prescription drug business. Abbott would get access to Solvay's drugs for hypertension and Parkinson's disease.

"The acquisition of Solvay Pharmaceuticals further diversifies our pharmaceutical portfolio, expands our presence in key high-growth emerging markets, enhances our investment in research and development and accelerates our long-term earnings-per-share growth outlook," Abbott CEO Miles White said in a statement.

Abbott faces generic competition for its anti-seizure treatment Depakote and its arthritis drug Humira, which brought in $4.5 billion in revenue in 2008. 

Abbott has been on an acquisitions tear this year, purchasing Advanced Medical Optics for $1.4 billion in January, and then buying medical-device company Evalve for $410 million and eye-care device maker Visiogen for $400 million, both in September.