Giant French pharmaceutical maker Sanofi said Tuesday it would buy Colombian drugmaker Genfar to expand its product portfolio in South America.

Genfar is Colombia's second-largest manufacturer of generic drugs with sales of $133 million last year, of which 30% was generated outside the country, Sanofi said in a statement announcing the purchase.

"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," the company's Latin America chief Heraldo Marchezini said in the statement.

Financial terms were not disclosed.