Teva Pharmaceutical Industries has acquired a Mexican pharmaceutical manufacturing and distribution company Representaciones e Investigaciones Médicas (Rimsa) for $2.3bn.
Plans for the deal were announced in October last year, when both parties reached definitive agreements.
The acquisition is in line with Teva’s strategy to increase its presence in key emerging markets and it offers a platform for the Israeli pharmaceutical company to grow in Mexico.
With this investment, Teva has now become one of the leading pharmaceutical companies in Mexico, the second largest market in Latin America and one of the top five emerging markets globally.
The deal includes Rimsa’s portfolio of products and companies, intellectual property, assets and pharmaceutical patents in Latin America and Europe.
Rimsa has a wide range of patent-protected products, including fixed-dose combination products that have fuelled its growth.
It offers combination drugs, in which a fixed-dose combination that includes two or more active pharmaceutical ingredients are combined into a single dosage form, increasing adherence and reducing overall cost to patients.
Teva president and CEO Erez Vigodman said: "Rimsa will provide Teva with a strong brand, unique portfolio of patent-protected products, a promising pipeline and significant relationships with patients, physicians and other healthcare providers.
"We have a clear responsibility to turn those strengths into meaningful results for patients, customers and the communities we serve, as well as for our shareholders."
Rimsa’s well-established sales footprint is expected to provide a platform for additional Teva products.
Teva global generic medicines president and CEO Siggi Olafsson said: "With the combination of Teva and Rimsa, we now have a strong presence in the market with operational and commercial capacity that favours rapid market penetration, and which allows us to provide a broad competitive portfolio as well as new treatment options through differentiated products.
"Building on Rimsa’s strong brand reputation and well-established commercial footprint, together we will now be able provide a world-class offering of speciality and generic Teva medicines to patients in Mexico and across the region."