Teva Pharmaceutical Industries (NYSE:TEVA) rose at midday after the Israeli generic drugs maker agreed to acquire Representaciones & Investigaciones Medicas SA, or Rimsa, for $2.3bn.
ADRs of Teva rose 1.6% to $57.37 at 11:23 a.m. in New York.
The Petah Tikva, Israel-based company said on Thursday Rimsa has an extensive portfolio of drugs, a promising drug pipeline and a well-established market presence to introduce additional Teva products in Mexico and Latin America.
Rimsa had $227mln in sales in 2014.
The purchase will contribute to Teva´s earnings starting from the first quarter of 2017.
The transaction is expected to complete in the early part of 2016.
Goldman Sachs acted as financial adviser to the North American outfit in the sale.