Róbert Wessman-led Aztiq and Innobic join forces in $475m acquisition of Lotus Pharmaceutical and Adalvo to create a global pharmaceutical powerhouse


Aztiq  (“Aztiq”), a healthcare investor led by Alvogen Founder and Chairman Róbert Wessman, and Innobic (Asia) Company Limited (“Innobic”), a life sciences subsidiary of Thailand industrial group PTT,  today announced the signing of a definitive agreement to acquire a 100% stake in Alvogen Emerging Market Holdings Limited (“AEMH”) from its existing shareholders for $475 million. The aim of the alliance between Aztiq and Innobic and the transaction is to create a powerful pharmaceuticals enterprise with global resources, networks and reach.

Through the transaction, one of the largest in the sector this year, the consortium becomes the leading shareholder in the global oncology pharmaceutical company Lotus Pharmaceutical (“Lotus”, TWSE ticker: 1795), and the sole shareholder in Alvogen Malta Holding Ltd., the owner of the fast-growing global business to business (B2B) pharmaceutical company Adalvo.

AEMH is currently owned by Alvogen Lux Holdings Sarl (“Alvogen”).  Key shareholders in Alvogen include CVC Capital Partners and Temasek Holdings of Singapore, as well as Aztiq. Alvogen will remain a leading shareholder in the generic pharmaceutical company Alvogen US, including specialty pharma company Almatica, as well as the second largest shareholder in global biosimilars company Alvotech.

The members of the consortium bring impressive and complementary leadership and expertise. Róbert Wessman has over the last six years successfully led the transformation of Lotus from a small local Taiwanese company into a leading generic ora oncology company.  Innobic’s parent company PTT Group is Thailand’s largest industrial conglomerate, with extensive commercial and business networks across the fast-growing ASEAN countries.

Aztiq’s founder and chairman, Róbert Wessman, will continue to serve as chairman of the board of both Lotus and Adalvo.

This consortium’s unique market knowledge along with strong support from shareholders will provide Lotus and Adalvo with a competitive advantage in a thriving industry, enabling them to extend their leadership globally. Both companies share the mission of making high-quality medicines accessible to patients around the world, and with the expertise and resources that will be readily available to them, they will accelerate progress towards this goal. From oral oncology to research innovation in over-the-counter products, Lotus and Adalvo will together pave the way for greater global access to first-class treatments and medication.

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.”

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