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Belgium's Solvay sells drugs division

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Belgium's Solvay sells drugs division

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Belgium pharmaceutical, chemicals and plastics giant Solvay has announced it is to sell its drugs arm to US partner Abbott Laboratories.

Solvay says the deal will raise around 5.2 billion euros that will be reinvested into its chemical and plastics divisions. Abbott believes the agreement will give its flagging drug business a shot in the arm by acquiring several new medicines in the later stages of development.