Carey advises Laboratorios SAVAL on the acquisition of Instituto Sanitas and Chemopharma

Carey advised Laboratorios SAVAL on the acquisition of Chilean pharmaceutical companies Instituto Sanitas and Chemopharma. The transaction, agreed in September 2024, was approved by the Fiscalía Nacional Económica in early February 2026, following the successful negotiation of the mitigation measures offered by the purchaser.

The completion of the transaction consolidates Laboratorios SAVAL as the largest pharmaceutical laboratory in Chile and positions it as one of the leading players in the pharmaceutical industry across Central America, the Caribbean and South America.

This marks the first transaction reviewed under Chile’s mandatory merger control regime involving two major multiproduct Chilean pharmaceutical laboratories. The deal required the assessment of numerous relevant markets and potential competition risks.

The review process advanced through an extensive and complex Phase II investigation. During this stage, the parties—supported by legal and economic advisors—were able to narrow the mitigation measures to three groups of products under the Bupredol and Nastul brands. The Fiscalía Nacional Económica ultimately accepted a post-closing structural remedy, allowing the transaction to proceed.