Abbott to buy Chile’s CFR for $3bn

US medical products specialist Abbott has agreed to buy Chilean generic drugmaker CFR Pharmaceuticals for $2.9 billion (£1.7 billion), and will take on $430 million of CFR’s debt.

The move will bolster Abbott’s position in the rapidly growing markets of Latin America, expanding the company by around 7000 employees at R&D and manufacturing facilities in Chile, Colombia, Peru and Argentina. Abbott will also get access to CFR’s portfolio of over 1000 branded generic drugs and other products, as well as its distribution networks across the region.

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