Abbott Laboratories announced Friday that it agreed to buy Chile-based CFR Pharmaceuticals for $2.9 billion to expand its business in growing Latin American markets.
The transaction more than doubles Abbott's Latin American branded generics business.
Under the terms of the agreement, Abbott will acquire the holding company that indirectly owns approximately 73 percent of CFR Pharmaceuticals 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 $2.9 billion, plus the assumption of net debt of approximately $430 million.
CFR has more than 1,000 products in areas in women's health, central nervous system, cardiovascular and respiratory diseases and has operations in 15 Latin American countries.
Read the Abbott Labs press release