Abbott buys Chile's CFR Pharmaceuticals in $2.9bn deal

Abbott Laboratories has agreed to acquire the Chilean branded generics company CFR Pharmaceuticals for around $2.9bn. CFR's share price shot up 46% to CLP181.50 ($0.33) on the Santiago stock exchange in reaction to the news, which comes three months after CFR's own $1.3bn bid to buy the South African firm Adcock Ingram fell through in the face of local and shareholder opposition.