Pfizer has announced that it will enter into a partnership with Brazilian generic manufacturer Laboratorio Teuto Brasileiro as part of efforts to enhance its generic portfolio.
As part of the agreement, Pfizer will acquire a 40% stake in the company and enter a series of commercial agreements, with Pfizer also increasing its position in the emerging market within Brazil.
Tueto has a portfolio of approximately 250 products and, through the partnership, Pfizer will gain access to significant distribution networks in rural and suburban Brazil as well as the opportunity to commercialise Tueto’s products for larger, more expansive markets.
Pfizer will pay R$400m ($240m) up front, and Tueto will also be eligible for performance-based milestone payments. Pfizer retains the option to acquire the remaining stake in the company.