Abbott expands manufacturing in Latin America with CFR deal

Abbott's global headquarters in Abbott Park, IL--Courtesy of Abbott

Abbott ($ABT) gets a portfolio of 1,000 new drugs and expects to see its sales in the Latin American market double with its $3 billion buyout of Chile's CFR Pharmaceutical. But it also gets an extensive manufacturing network in one of the fastest growing markets. The Chicago-area company said on Friday it would buy CFR, by acquiring the holding company that indirectly owns approximately 73% of CFR and then offering cash for all outstanding shares. It expects those two steps to cost about $2.9 billion, and then it will assume another $430 million in debt. Abbott will pick up R&D and manufacturing facilities in Chile, Colombia, Peru and Argentina, as well as 7,000 CFR employees, as part of the deal. Announcement | More