Abbott expected to acquire Solvay

Abbott Laboratories is expected to announce as early as today the purchase of the pharmaceutical business of Belgian plastics and chemical giant Solvay for more than $6 billion in cash, according to sources close to the transaction.

The price of the deal would make it the second-largest acquisition in the North Chicago company’s history. Abbott and Solvay already have a sales partnership to market cholesterol drugs.

Abbott licenses from Solvay the rights to TriCor, a cholesterol pill that generates $1 billion in annual sales.

But Solvay also has other drugs to combat heart disease as well as a small vaccines business.

Abbott has been working to develop treatments for Parkinson’s and Alzheimer’s diseases.