TEVA: Tambien te vas a Perú...?

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Citi believes that the acquisition of Peru's Corporacion Infarmasa by Teva Pharmaceutical Industries Ltd. is part of an acquisition campaign by the company in Latin America. The bank reiterates its "Buy" recommendation for Teva.

Citi estimates that the acquisition of Corporacion Infarmasa will add $50-60 million to Teva's international generics sales in 2011. Citi also estimates the acquisition price of the company, one of Peru's top ten drug companies, at $250- 300 million.

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This acquisition, combined with Teva’s existing presence in Peru (through its Corporación Medco subsidiary), makes Teva the second largest pharmaceutical company in the country. Citi analyst John Boris says, "We expect Teva to remain focused on growth in Latin America and believe additional deals are in the pipeline. On July 6, 2010, Teva announced it would eliminate the Teva International Group and restructure its geographical divisions to realign North and South America as a single division, under the leadership of Teva Americas President and CEO Bill Marth, emphasizing its commitment to Latin America. We expect Mr. Marth to selectively acquire assets in Latin America."

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