Sanofi to acquire Colombian affordable drugmaker Genfar

French pharmaceutical giant Sanofi SA yesterday said that it would acquire Colombian drugmaker Genfar in order to expand its portfolio of affordable drugs in Latin America.

Sanofi did not disclose the financial terms of the deal, but sid it expects to close the transaction in the first quarter of 2013.

Founded in 1967, Bogota-based Genfar is the second-largest generic company by sales in Colombia.

Sanofi said that Genfar is one of the fastest growing pharmaceutical companies in Colombia with a strong local brand awareness and a broad and complete portfolio of affordable pharmaceutical medicines.

Genfar manufactures generic, over the counter, and prescription drugs for both human and animal health division.

It also has a presence in Venezuela, Peru, Ecuador and ten other countries in Latin America.