JERUSALEM—Israel-based genericsbehemoth Teva Pharmaceutical Industries Ltd. announced at the end of Januarythat it bought CorporacionInfarmasa, a top 10 pharmaceutical company in Peru, from the Rohatyn Group andAltra Investments.
Infarmasa makes and sells branded and unbranded generic drugs, primarilycorticosteroids, antihistamines, analgesics and antibiotics. Its portfolioconsists of more than 600 registered products, of which more than 500 arecurrently on the market.
In combination with Teva's existing operation in Peru, Corporacion Medco, Infarmasa'sproduct offerings will enhance Teva's global portfolio in the market,especially in the area of antibiotics, where Infarmasa boasts the leading brandin Peru in that drug category. The potent pairing will create one of the toptwo pharmas in that country. Infarmasa also has two manufacturing facilities inLima and a comprehensive drug development pipeline.
Shlomo Yanai, Teva's president andCEO, said in a prepared statement that "the acquisition of Infarmasa inPeru expands our activity in Latin America, and highlights our growth strategyfor the coming years. Infarmasa complements Teva's activity in Peru and willadvance our position as a market leader in this region."
According to financial marketreports, Teva missed its earnings estimates for the fourth quarter of lastyear, even though quarterly global sales rose and were double the amount postedin the fourth quarter of 2009. Reported sales in the U.S. generics drug marketdeclined by five percent.
Analysts opine that the salesoutlook for the company will improve, as the company recently raised the priceof one of its most noteworthy drugs, Copaxone, which is the No. 1 prescribedtreatment for multiple sclerosis.
Teva representative refused toanswer ddn's questions beyond thecontent of a January news release. Corporacion Infarmasa employees did notrespond to requests for comment.
Those keeping watch on Peruvianpharmaceutical sales say that growth in that country's market is likely in thefuture. Peruvian spending on pharmaceuticals per capital is one of the lowestin Latin America. Teva officials say this fact, coupled with the improvement inaccess to healthcare coverage in Peru, will provide significant opportunitiesfor future growth. The company says that 36 percent of the population hadmedical coverage in 2005, and by the end of 2009, 63 percent of citizensenjoyed the same benefit.
Teva is a global pharmaceuticalcompany that develops, produces and markets generic drugs as well as innovativeand specialty pharmaceuticals and active pharmaceutical ingredients.Headquartered in Israel, Teva has a global product portfolio of more than 1,250molecules and a direct presence in approximately 60 countries. Teva's brandedbusinesses focus on neurological, respiratory and women's health therapeuticareas as well as biologics. Teva employs more than 40,000 people around theworld.