Deal value: $2.9 billion
Deal status: Closed
What do you do when a deal you've been pursuing for months finally falls through? If you're CFR Pharmaceuticals, you sell yourself to Abbott ($ABT).
Newly free after a failed merger with South Africa's Adcock Ingram, the Chilean drugmaker joined forces with the Illinois company, which had spun off the majority of its drug development business into AbbVie ($ABBV) in 2013. A main draw: CFR's presence in the fast-growing Latin market.
The way emerging markets power Abbott saw it, the addition of CFR's more than 1,000 drugs would more than double its sales in the region, adding $900 million to its revenues in 2015 and bringing double-digit sales growth for years to come. It picked up R&D and manufacturing facilities in Chile, Colombia, Peru and Argentina, as well.
At the time, Abbott said it would get the deal done by buying the holding company that indirectly owned approximately 73% of CFR and offering up cash for all outstanding shares. It expected those two steps to come to about $2.9 billion, and it planned to assume another $430 million in debt.
Abbott picks off Chile's CFR for $3B
CFR and Adcock Ingram give up on their transcontinental merger
-- Carly Helfand (email | Twitter)