CFR Pharmaceuticals issues formal bid for Adcock Ingram
Chile's CFR Pharmaceuticals SA issued a firm intention announcement to purchase all of the issued share capital of South Africa's Adcock Ingram Holdings Limited. The transaction was valued at approximately USD1.26 billion. This was according to a press release published by Yahoo Finance.
CFR's chief executive officer, Alejandro Weinstein, said of the deal: "The combined businesses have the potential to become a uniquely diversified emerging markets pharmaceutical company, generating strong growth through significant synergies, including access to high-growth frontier markets, an expanded manufacturing footprint with presence in four continents, strong brands and world-class manufacturing facilities."
CFR is a multinational pharmaceutical company based in Chile. The firm specializes in prescription medicines, OTC products, and complex injectables. The company also has operations in Latin America, Canada, Vietnam, and the United Kingdom. CFR employs more than 7,000 workers including 2,000 medical sales representatives. The firm has a market capitalization of USD2 billion, the report said.