NEW YORK, Oct. 20 /PRNewswire-FirstCall/ — Pfizer Inc. (NYSE:
PFE) announced today that it is entering into a partnership
with Laboratorio Teuto Brasileiro S.A., a leading company in the
Brazilian generics industry, to develop and commercialize generic
medicines. Pfizer will acquire a 40 percent stake in Teuto
and the companies will also enter into a series of commercial
agreements. The partnership will enhance Pfizer’s position in
Brazil, a key emerging market, by providing access to Teuto’s broad
portfolio of approximately 250 products in more than 400
presentations. Through this partnership, Pfizer will have
access to significant distribution networks in rural and suburban
areas in Brazil and the opportunity to register and commercialize
Teuto’s products in various markets outside Brazil. In
addition, Pfizer will have two representatives on Teuto’s board of
directors.
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Under the terms of the agreement, Pfizer will make an upfront
payment of R$400 million (approximately US$240 million) and Teuto
will be eligible to receive a performance-based milestone payment.
Pfizer has an option to acquire the remaining 60 percent of
Teuto’s shares beginning in 2014. Teuto’s shareholders have
an option to sell their 60 percent stake to Pfizer beginning in
2015.
Pfizer will have the opportunity to register and commercialize
Teuto products in Brazil and various markets outside of the country
under its own brands, including branded and unbranded generic
medicines, covering a broad range of therapeutic areas, such as
pain and inflammation, cardiovascular, anti-infectives, central
nervous system and respiratory, among others. Teuto will gain
access to select Pfizer products for distribution across its
exten
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