Pfizer said on Oct. 20 that it has bought 40% of Brazilian drug company Teuto for $238 million as part of its strategy to boost its presence in emerging markets.
The purchase could lead to the 100% acquisition of Teuto in 2014, the company said.
The stake "allows Pfizer to increase its participation in Brazil's pharmaceutical market," the head of Pfizer Brazil, Victor Mezei said. He explained that the deal could result in Teuto producing generic versions of Pfizer medicines, and Pfizer using Teuto products in its output.
The maker of Viagra and Lipitor had 2009 revenues of $50 billion and profits of $8.6 billion.
Copyright Agence France-Presse, 2010
