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 traded higher by 0.46% or $0.24/share to $52.93. In the past year, the shares have traded as low as $40.10 and as high as $54.78. On average, 6084600 shares of ABBV exchange hands on a given day and today's volume is recorded at 5826232.
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 0.46% or $-0.18/share to $39.06. In the past year, the shares have traded as low as $32.70 and as high as $40.49. On average, 7649380 shares of ABT exchange hands on a given day and today's volume is recorded at 11024435.
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