Sanofi (France) to Buy Colombia's Genfar; Says Lyxumia Diabetes Drug Studies Positive

French drug giant Sanofi S.A. (SNY:Quote) agreed Tuesday to acquire Colombian generic drug maker Genfar S.A. to further expand into Latin America. The financial terms for the deal were not disclosed by the companies. The deal is expected to close in the first quarter of 2013. "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, Latin America, Sanofi.