ABBOTT PARK, Ill., Dec. 15 /PRNewswire-FirstCall/ -- Abbott (NYSE: ABT)
announced today that it has acquired 100 percent of the outstanding shares
of Kos Pharmaceuticals, Inc. As previously announced, at the conclusion of
its successful tender offer on Dec. 12, 2006, Abbott owned approximately
91.4 percent of Kos' shares (including shares acquired in a concurrent
transaction). As the final step in the acquisition process, Kos has been
acquired as a wholly owned subsidiary of Abbott.
The acquisition 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. Kos is a specialty pharmaceutical
company that develops and markets proprietary medications for the treatment
of chronic cardiovascular, metabolic and respiratory diseases.
"We can now serve patients and doctors better, because we can offer
them a broad range of therapies for cholesterol and lipid management," said
Miles D. White, chairman and chief executive officer, Abbott. "We very much
admire the business that Kos built and grew over the past several years.
It's an excellent strategic fit for Abbott, and we're enthusiastic about
the commercial and R&D opportunities our combined organization now offers."
Abbott is a global, broad-based health care company devoted to the
discovery, development, manufacture and marketing of pharmaceuticals and
medical products, including nutritionals, devices and diagnostics. The
company employs 65,000 people and markets its products in more than 130
Abbott's news releases and other information are available on the
company's Web site at http://www.abbott.com .
A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements.
Abbott cautions that these forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ materially from
those indicated in the forward-looking statements. Economic, competitive,
governmental, technological and other factors that may affect Abbott's
operations are discussed in Item 1A, "Risk Factors," and Exhibit 99.1 to
our Annual Report on Securities and Exchange Commission Form 10-K for the
year ended Dec. 31, 2005, and in Item 1A, "Risk Factors," to our Quarterly
Report on Securities and Exchange Commission Form 10-Q for the period ended
March 31, 2006, and are incorporated by reference. Abbott undertakes no
obligation to release publicly any revisions to forward-looking statements
as the result of subsequent events or developments, other than as required