Sanofi has signed an agreement to acquire Genfar SA, a leading pharmaceuticals manufacturer. With this acquisition, Sanofi will become a market leader in Colombia and expand its portfolio of affordable pharmaceuticals in Latin America.

“With the acquisition of Genfar, 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 in the Andean countries and Central America,” said Heraldo Marchezini, senior vice president, Latin America, Sanofi. “This acquisition will allow Sanofi to better serve the 200 million people in the region.”

Financial details of the agreement were not disclosed. The closing of the transaction is subject to certain conditions precedent and is expected to occur in the first quarter of 2013.

Genfar SA is the second largest generic company in sales and leader in units in Colombia and has a commercial presence in Venezuela, Peru, Ecuador and ten other countries in Latin America. In 2011, Genfar’s total sales were US$ 133 million, with 30 per cent of sales generated outside of Colombia. Genfar has a strong local brand awareness and a broad and complete portfolio of affordable pharmaceutical medicines.

Through this bolt-on acquisition, Sanofi expands its presence in affordable pharmaceuticals and becomes better positioned to capture future market opportunities. Genfar is an excellent strategic fit supporting Sanofi’s emerging markets strategy and allows Sanofi to accelerate its diversification efforts in the Andean Region, and complements the strengths of its portfolio in the region including Medley, in Brazil. Furthermore, the addition of Genfar’s animal health products to Merial’s portfolio will expand Sanofi’s animal health footprint in the region.

Sanofi, a global and diversified healthcare leader, discovers, develops and distributes therapeutic solutions focused on patients’ needs. The company has core strengths in the field of healthcare with seven growth platforms:   diabetes solutions, human vaccines, innovative drugs, consumer healthcare, emerging markets, animal health and the new Genzyme.