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New York - US drug maker Abbott Laboratories said Friday it is buying Chilean generics manufacturer CFR Pharmaceuticals in a $3.3bn deal to build its presence in Latin America.
The transaction establishes Abbott as one of the 10 biggest pharma companies in Latin America, where the pharmaceutical market is expected to grow to $124bn by 2018 from $73bn in sales this year.
Abbott said CFR's assets will bolster its portfolio of treatments in key areas, including women's health, central nervous system, cardiovascular and respiratory diseases.
"This acquisition will significantly enhance and broaden Abbott's Latin American footprint, and is well aligned with our long-term strategy and commitment to fast-growing markets," said Miles White, chief executive of Abbott.
Under the terms of the deal, Abbott will acquire the holding company that indirectly owns 73% of CFR. It will initiate a public tender to buy the remaining shares.
The transaction comes amid a wave of deal-making in the pharma business as giants like Pfizer seek to compensate for expiring patents and generics makers eye more exposure to growing markets.
The transaction establishes Abbott as one of the 10 biggest pharma companies in Latin America, where the pharmaceutical market is expected to grow to $124bn by 2018 from $73bn in sales this year.
Abbott said CFR's assets will bolster its portfolio of treatments in key areas, including women's health, central nervous system, cardiovascular and respiratory diseases.
"This acquisition will significantly enhance and broaden Abbott's Latin American footprint, and is well aligned with our long-term strategy and commitment to fast-growing markets," said Miles White, chief executive of Abbott.
Under the terms of the deal, Abbott will acquire the holding company that indirectly owns 73% of CFR. It will initiate a public tender to buy the remaining shares.
The transaction comes amid a wave of deal-making in the pharma business as giants like Pfizer seek to compensate for expiring patents and generics makers eye more exposure to growing markets.
