Three-way tussle for Pfizer’s Brazilian generics venture, sources say
Generic drugs sales in Brazil expanded 10% last year, slowing from 15% growth in 2014
Sao Paulo — Bain Capital, Advent International and Torrent Capital Investment are on a shortlist of suitors for a Brazilian generic drugmaking joint-venture, in which Pfizer has a 40% stake, two people with direct knowledge of the situation said on Friday. According to the people, the three buyout firms presented more attractive terms than other drugmakers did — including Israel’s Teva Pharmaceutical Industries and Sun Pharmaceutical Industries — for Teuto|Pfizer, as the venture is known. It controls Latin America’s largest generic drugs plant. A sale could bring in between 1-billion reais and 1.5-billion reais ($317m and $475m), they said. The people, who requested anonymity because the process was private, said that Bain, Advent and Torrent had to put forward binding offers for Teuto|Pfizer by November. In July, Pfizer and Brazil’s Melo family, which owns 60% of the venture, put the company up for sale. Teuto|Pfizer had initially been offered to Teva, Sun and Mylan, the report sai...
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