Abbott buys CFR Pharma

|About: Abbott Laboratories (ABT)|By:, SA News Editor

Abbott Labs (ABT) doubles its Latin American presence with its purchase of Chilean generic drug firm CFR Pharma for $2.9B cash plus assumption of $430M in debt.

The acquisition will add $900M to Abbott's top line in 2015 and double-digit sales growth over the next few years.

CFR markets over 1,000 products. It employs 7,000 people and has R&D and manufacturing facilities in Chile, Colombia, Peru and Argentina.

The Latin American pharmaceutical market is valued at $73B and is forecasted to grow to $124B in four years.