Drugs giant Teva Pharmaceuticals has made its second major acquisition in two months.
The Israeli company today struck a $2.3bn (£1.5bn) deal to take over Mexican firm Representaciones e Investigaciones Medicas SA de CV (Rimsa), as it pushes forward with its plan to expand into emerging markets.
Rimsa, which brought in a revenue of $227m last year, will give Teva access to its wide distribution network in Latin America, helping to drive sales.
Teva's acquisition, which will be completed in the early part of 2016, was unanimously supported by its board of directors.
In a statement, Teva chief executive Erez Vigodman said the acquisition delivered on the company's “strategy of increasing presence in key emerging markets to position Teva for long-term growth in these markets”.
Rimsa will provide Teva with a significant platform for growth by combining the strong Rimsa brand, licensed portfolio of differentiated, patent-protected products, promising pipeline, significant relationships with physicians, patients and healthcare providers and its strong commercial presence.
In July, Teva spent £26.7bn on purchasing competitor Allergan – a deal that will give it access to the Irish company's huge range of generic, over-the-counter medicines.