Zentiva Acquires Central and Eastern European Business of Alvogen
Zentiva to further expand its geographical footprint and complement its portfolio in Generics and OTC
Prague, Czech Republic and Sofia, Bulgaria (ots/PRNewswire)
Zentiva announces the signing of a definitive agreement to acquire the Central and Eastern European Business of Alvogen, for an undisclosed amount.
Alvogen CEE markets over 200 generic and over-the-counter products across multiple therapeutic areas, consisting of highly recognized brands like Lactacyd, Persen, EuBiotic and many more with leading market positions in 14 key markets across CEE including; Russia, Romania, Bulgaria, Hungary, Poland and Balkan markets.
Nick Haggar, Chief Executive Officer of Zentiva remarked "This acquisition is a perfect fit for Zentiva and supports the execution of our strategy. Zentiva will strengthen its leadership in Central and Eastern Europe while expanding into new markets and significantly increase its specialty and OTC medicines portfolio. We look forward to welcoming more than 1,000 people from the Alvogen CEE team into our Zentiva community. Together, we will be even stronger as we continue working on our primary mission of providing high-quality and affordable medicines to people in Europe and beyond."
This transaction brings together two leading branded generics and OTC businesses in the CEE region, with complementary strengths, product portfolios, geographical footprints and cultures. The transaction is expected to close in the first quarter of 2020, subject to customary approvals.
"With the divestiture of the European business, we will be focusing our strategic development, growth and expansion in other areas. Through acquisitions and strong partnerships in the Asian region and continued investment in biosimilars through our sister company Alvotech, we can continue to grow and set the standards on a global platform. We thank our colleagues for their extraordinary efforts in building one of the most successful regional companies in our industry and we look forward to following the continued success of the combined business", said Robert Wessman, Chairman & CEO of Alvogen.
Earlier in 2019, Zentiva integrated the teams of Creo Pharma in the UK and Solacium Pharma in Romania into the Zentiva group. In September, Zentiva also announced acquisition of a manufacturing site in Ankleshwar in India. In addition to multi-million Euro investments in existing manufacturing facilities in Prague and Bucharest, Zentiva continues to maximize its competitive advantage, expanding market footprint and upgrading its manufacturing network and capabilities.
About Zentiva
Zentiva is a producer of high-quality affordable medicines serving patients in Europe and beyond. With a dedicated team of more than 3,000 people and a network of production sites - including flagship sites in Prague and Bucharest - Zentiva strives to be the champion of branded and generic medicines in Europe to better support people's daily healthcare needs.
At Zentiva it is our aspiration that healthcare should be a right and not a privilege. More than ever, people need better access to high quality affordable medicines and healthcare. We work in partnership with physicians, pharmacists, wholesalers, regulators and governments to provide the everyday solutions that we all depend on.
Learn more about Zentiva on www.zentiva.com.
About Alvogen
Alvogen is a global, privately owned pharmaceutical company focused on developing, manufacturing and selling generic, brand, over-the-counter medicines (OTC) and biosimilar products for patients around the world. The company has commercial operations in 35 countries with 2,800 employees and operates four manufacturing and development hubs in the U.S., Romania, Korea and Taiwan. North America is Alvogen's single largest market and other key markets include: South Korea, Russia, Taiwan, Romania, Hungary, Ukraine, Japan and China.
Learn more about Alvogen on www.alvogen.com
Media Contacts
Ines Windisch Head of Corporate Affairs & HR Tel: (+420)601-341-444 Email: ines.windisch@zentiva.com
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