Cleary Gottlieb represented the controlling shareholder of Santiago, Chile-based CFR Pharmaceuticals S.A. in connection with its agreement to sell its 72.62% percent stake in of CFR Pharmaceuticals to a subsidiary of Abbott Laboratories. In connection with the sale, Abbott conducted a public cash tender offer for all of the outstanding shares of CFR Pharmaceuticals. The total purchase price would be approximately $2.9 billion, plus the assumption of net debt of approximately $430 million.
The transaction, which closed September 26, 2014, more than doubles Abbott’s Latin American branded generics business, making the company among the top 10 pharmaceutical companies in the region.
CFR Pharmaceuticals is a leading Latin American pharmaceutical company with operations in 15 countries in Latin America. It is focused on the development, manufacture and commercialization of off-patent and locally unpatented branded specialty pharmaceutical products and complex injectables. CFR markets more than 1,000 products and has a proven track record of rapidly developing and bringing new products to market.
Abbott is a global healthcare company with a portfolio of offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 69,000 people.