Global healthcare company Sanofi has signed an agreement to acquire Genfar, a pharmaceuticals manufacturer headquartered in Bogota, Colombia. With this acquisition, Sanofi will expand its portfolio of affordable pharmaceuticals in Latin America.

Genfar is the second largest generic company in sales in Colombia and has a commercial presence in Venezuela, Peru, Ecuador and 10 other countries in Latin America. In 2011, Genfar’s total sales were $133 million, with 30% of sales generated outside of Colombia.

“With the acquisition of Genfar, Sanofi has a unique opportunity to strengthen its presence in Latin America through a large portfolio of affordable pharmaceuticals in a broad range of markets in the Andean countries and Central America,” said Heraldo Marchezini, senior vice president of Latin America, Sanofi. “This acquisition will allow Sanofi to better serve the 200 million people in the region.”

Through this bolt-on acquisition, Sanofi expands its presence in affordable pharmaceuticals and becomes better positioned to capture future market opportunities. Genfar allows Sanofi to accelerate its diversification efforts in the Andean Region, and complements the strengths of its portfolio in the region including Medley, Brazil. Furthermore, the addition of Genfar’s animal health products to Merial’s portfolio will expand Sanofi’s animal health footprint in the region.

Financial details of the agreement were not disclosed. The closing of the transaction is subject to certain conditions precedent and is expected to occur in the first quarter of 2013.