Giant French pharmaceutical maker Sanofi SA said Tuesday it would buy Colombian drugmaker Genfar to expand its product portfolio in South America.
Genfar is Colombia's second-largest manufacturer of generic drugs with sales of $133 million last year, of which 30 percent was generated outside the country, Sanofi said in a statement announcing the purchase.
"Sanofi has a unique opportunity to strengthen its presence in Latin America through a large portfolio of affordable pharmaceuticals in a broad range of markets," the company's Latin America chief Heraldo Marchezini said in the statement.
Financial terms were not disclosed.
(Reporting by Laurence Frost; Editing by Gerald E. McCormick)