Aztiq, a healthcare investor led by Alvogen Founder and Chairman Róbert Wessman, and Innobic (Asia) Company Limited, a life sciences subsidiary of Thailand industrial group PTT, has announced the signing of a definitive agreement to acquire a 100% stake in Alvogen Emerging Market Holdings Limited from its existing shareholders for $475 million.
Aztiq’s founder and chairman, Róbert Wessman, will continue to serve as chairman of the board of both Lotus and Adalvo.
Róbert Wessman, chairman and CEO of Alvogen and founder of Aztiq, commented, “I am very proud to have witnessed the maturation of both Lotus and Adalvo. I would like to take this opportunity to thank the existing shareholders for their great support in the transformation of both Lotus and Adalvo, and at the same time to welcome our new partner Innobic as we look forward to carrying out the essential work of expanding access to medicines to more people who need them. With our vast collective expertise, and the comprehensive geographic networks and solid market intelligence in ASEAN brought by innobic and PTT, I believe that Lotus and Adalvo will have a compelling competitive advantage, enabling both enterprises to support one another and advance their global leadership in their sectors.”
Dr. Buranin Rattanasombat, senior executive vice president, innovation and new ventures, PTT and chairman of Innobic (Asia), commented, “This partnership will accelerate our goal and enable Innobic to leap into being a fully integrated pharmaceutical company. By being the major shareholder in Lotus Pharmaceutical jointly with Aztiq, Innobic will have access to the capability of operating a full suite of pharmaceutical business with a primary focus on generic in many key disease areas, specially oncology and neurological disease. This investment, together with the global networks of Adalvo,will strengthen access to high quality medicines in region and is a major milestone for our life sciences business and its mission to advance public health and the pharmaceutical industry in Thailand and the region.”
Tomas Ekman, Director of the Board, Alvogen Lux, commented, “After 7 years as the lead shareholder of Lotus and the broader Asian business, Alvogen concluded that now is the right time to monetize our investment and letting Aztiq and Innobic continue the journey Lotus is on. Both Adalvo and Lotus will continue to collaborate closely with the Alvogen group of companies. Today’s announcement is consistent with Alvogen’s strategic focus and we intend to deploy the proceeds from the transaction in line with our capital allocation priorities to maximize shareholder value.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.