Abbott laboratories has acquired Indian based Piramal Healthcare Solutions in a cash deal worth a total $3.72 billion.

The deal consists of $2.12 billion upfront and annual payments of $400 million for the next four years beginning in 2011.

Piramal Healthcare has a comprehensive portfolio of branded generics in a number of therapy areas including antibiotics, respiratory and pain management.

As a result of this deal Piramal will be positioned within Abbott’s newly created, stand-alone Established Products Division to focus on expanding the global market. The combined Abbott and Piramal sales forces will now be the industry’s largest in India.

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This acquisition will provide Abbott and Piramal with an unprecedented opportunity to utilize their industry expertise and infrastructure and create significant healthcare advances within these regions as the emerging markets represent one of the greatest opportunities in generic healthcare and pharmaceuticals.

The deal announced today in complements Abbott’s acquisition of Facet Biotechnology in March 2010 for $722 million and Solvay in September 2009 for $6.6billion. Together these deals represent evidence of Abbott’s ongoing pharmaceutical strategy and compliments their offerings and pipeline in developed and emerging markets.