NORTH CHICAGO, Ill. (AP) -- Abbott Laboratories says it will spend about $2.9 billion to broaden its reach in Latin America with the acquisition of fellow drugmaker CFR Pharmaceuticals.
Abbott makes infant formula like Similac as well as medical devices and drugs. The North Chicago, Illinois, company says this deal will expand its presence in several fast-growing markets, especially with branded generic drugs.
CFR Pharmaceuticals sells more than 1,000 products in 15 Latin American markets.
Abbott says it will buy the holding company that owns about 73 percent of CFR and then will conduct a cash tender offer for the remaining shares. The price tops $3 billion when counting about $430 million in debt.
Abbott will use cash to pay for it and expects to close the acquisition by the end of the third quarter.