Abbott Buys CFR Pharmaceuticals in Major Deal

Abbott is making a big move in the pharmaceutical industry with the acquisition of CFR Pharmaceuticals. This deal marks a significant expansion of Abbott's portfolio.

CFR Pharmaceuticals has a long history of developing and manufacturing high-quality medicines. The company's products have been used by millions of people worldwide.

The acquisition is expected to strengthen Abbott's position in the global healthcare market. This will enable the company to offer a broader range of products to its customers.

The deal is a major coup for Abbott, demonstrating its commitment to growth and innovation.

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Abbott, an American pharmaceutical group, has announced the acquisition of CFR Pharmaceuticals, a Chilean competitor, for $2.9 billion.

CFR Pharmaceuticals is present in 15 markets across Latin America, selling over 1,000 products, including generic drugs and injectables for women's health, heart, and respiratory diseases.

The acquisition is expected to add approximately $900 million to Abbott's sales in the first full year (2015), with expected double-digit sales growth over the next several years.

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Abbott will conduct a cash tender offer for the remaining shares of CFR before November 3rd and will also assume CFR's debt of about $430 million.

CFR Pharmaceuticals has 7,000 employees and research and development and manufacturing facilities in Chile, Colombia, Peru, and Argentina.

The acquisition will significantly enhance and broaden Abbott's Latin American footprint, aligning with its long-term strategy and commitment to fast-growing markets.

Abbott expects the acquisition to more than double its drugs sales in the $73 billion Latin American industry.

CFR Pharmaceuticals' price won't prevent Abbott from making more purchases to boost its branded generics business, according to Abbott's CEO Miles White.

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CFR Pharmaceuticals is being acquired by Abbott for $2.9 billion. This deal includes taking on CFR's debt of about $430 million.

The acquisition is expected to add approximately $900 million to Abbott's sales in the first full year. This is a significant boost, and it's likely to have a positive impact on Abbott's financials.

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Abbott will conduct a cash tender offer for the remaining shares of CFR before November 3. This is a standard process for acquisitions like this.

CFR is Chile's biggest drugmaker, with an annual revenue of $767.9 million. This revenue is spread across 15 countries in Latin America and beyond.

Colombia is CFR's largest market, accounting for 30% of its annual revenue. This is a significant share, and it highlights the importance of the Colombian market for CFR.