Friday, July 5, 2013

Chile's largest drug maker bids for Adcock Ingram

Chile's largest drug maker CFR Pharmaceuticals has made a non-binding offer for Adcock Ingram at $1.3 billion. The potential offer price from CFR is 73.51 rand, 14 percent more than Adcock’s closing price of 64.50 rand yesterday. The offer price is almost twice the offer made by Bidvest group 3 months back. CFR offer price values  Adcock at 12.2x EV/EBITDA or 22x earnings.

CFR has perations in Latin America, Europe and Southeast Asia. The combination would create a company with annual revenue of about $1.3 billion and an asset base of approximately $2.1 billion.
The Public Investment Corp., the South African government-employee pension-fund manager is’s Adcock’s biggest shareholder 

CFR, which listed in Santiago in 2011, bought Laboratorio Franco Colombiano Lafrancol SAS in December for an undisclosed amount, giving the company what it said would be the biggest share of the market in Colombia



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