Chicago, January 23, 2007 – LAWFUEL – US Business + Law – Baker & McKenzie announced today that it acted on behalf of Abbott Laboratories in the sale of its core laboratory diagnostics business included in the Abbott Diagnostics Division and Abbott Point of Care (formerly known as i-STAT) to GE for $8.13 billion, an asset transaction involving more than 90 countries.
The sale is expected to close in the first half of 2007 and is subject to customary closing conditions, including regulatory approvals.
The Baker & McKenzie team included lead Partner Pablo Garcia-Moreno, and Partners Craig Roeder and Maura McBreen in Chicago; Partner Robert DeJoy in New York, Partner Gunther Heckelmann in Frankfurt, and associates Betsy Fahey, Olivia Tyrrell, Edward West, and Tom Thraya in Chicago.
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 more than 65,000 people and markets its products in more than 130 countries.
Skadden also advised Abbott on the sale. GE Healthcare was represented by Sidley Austin.
