Abbott Laboratories said on Friday it would acquire Chile's CFR Pharmaceuticals SA in a $2.9 billion deal that will more than double its branded generic drugs business in the fast-growing Latin American market.This is the first deal for Abbott since it split into two businesses and spun off its blockbuster rheumatoid arthritis drug in a new company, AbbVie Inc, last year and comes at a time when health mergers have surged.Abbott plans to focus the branded generics business on about 14 or 15 fast-growing countries in emerging markets."Not all geographies are alike, and some are not particular focuses for us," Chief Executive Officer Miles White said during a conference call with investors. White said the company was still looking at other transactions.
AbbVie Inc. (AbbVie) is a research-based pharmaceuticals company. Shares of ABBV fell by 0.2% or $-0.1033/share to $52.59. In the past year, the shares have traded as low as $40.10 and as high as $54.78. On average, 6088760 shares of ABBV exchange hands on a given day and today's volume is recorded at 3463858.
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture, and sale of a portfolio of science-based health care products. Shares of ABT fell by 0.61% or $-0.24/share to $39.00. In the past year, the shares have traded as low as $32.70 and as high as $40.49. On average, 7594940 shares of ABT exchange hands on a given day and today's volume is recorded at 6013284.
Source
