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Business

Abbott Buys Latin American Drug Firm

by Ann M. Thayer
May 26, 2014 | A version of this story appeared in Volume 92, Issue 21

Abbott will pay $2.9 billion to acquire CFR Pharmaceuticals, a branded generic drug firm with headquarters in Santiago, Chile. Abbott says the acquisition will more than double its Latin American presence and place it among the top 10 drug companies in the region, where the pharmaceutical market tops $70 billion in annual sales. With operations in 15 Latin American countries, CFR will add about $900 million to Abbott’s annual sales in 2015. The acquisition also brings about 7,000 employees, and R&D and manufacturing facilities in Chile, Colombia, Peru, and Argentina.

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