A little over a month after losing its bid for Germany's Ratiopharm, Pfizer (NYSE: PFE) again is looking to expand its generic reach--this time in Brazil, the Dow Jones reports.
According to a report in the local paper Valor Economico, Pfizer is talks to buy the generic drugmaker and may announce a deal within weeks. Teuto apparently is also in talks with GlaxoSmithKline (NYSE: GSK), Teva Pharmaceutical Industries (NASDAQ: TEVA), Blackstone Group, and various international investment funds, Dow Jones reports, citing the Brazilian paper. None of the companies would comment on the report.
Teuto is based in Goias state and in 2009 posted revenue of about $171 million. It sells products in a number of therapeutic classes, including antifungals, analgesics, anti-inflammatories and antibiotics.
The possible interest of Pfizer in acquiring the drugmaker comes as the company faces the end of patent protection for some of its key products within the Brazilian market. On Wednesday, the Brazilian Federal Appeals Court ordered an end to patent protection for Pfizer's Viagra. The court ruled that patent protection within Brazil will end for the drug as of June 20, paving the way for generic versions of the drug to be manufactured by other companies for that market.
Pfizer joins Sanofi-Aventis (NYSE: SNY) in acquiring a generics company in the Brazilian market. Last year, Sanofi bought Medley, and the $660 million deal made the French drugmaker the biggest generics manufacturer in Latin America.