Abbott expands generics business in Latin America
US-based pharma company Abbott Laboratories (Abbott) announced on 16 May 2014 that it was expanding its presence in Latin American and increasing its branded generics portfolio with the acquisition of CFR Pharmaceuticals (CFR).
Abbott will acquire Kalo Pharma Internacional the holding company that indirectly owns approximately 73% of Chile-based CFR and will conduct a public cash tender offer for all of the outstanding shares of CFR. Assuming all publicly-held shares are tendered, the total purchase price would be approximately US$2.9 billion.
CFR is one of the leading branded generics companies in Latin America, with a presence in 15 Latin American markets. The company has more than 1,000 products in the areas of women’s health, central nervous system, cardiovascular and respiratory diseases. The deal will place Abbott among the top 10 pharmaceutical companies in the region, more than doubling Abbott’s Latin American branded generics pharmaceutical presence and further expanding the company’s presence in fast-growing markets.
The Latin American pharmaceutical market is expected to reach US$73 billion in sales during 2014, and is expected to reach US$124 billion by 2018, with estimated annual growth rates of two to three times that of developed markets over the coming years, according to IMS forecasts.
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Source: Abbott, CFR
