Pharmaceutical company Zentiva has announced the signing of an agreement to acquire the CEE business of peer Alvogen, for an undisclosed amount, according to a PRNewswire report.
Alvogen CEE markets more than 200 generic and over-the-counter products across multiple therapeutic areas, consisting of highly recognized brands like Lactacyd, Persen, EuBiotic and more, with leading market positions in 14 markets across the region including Russia, Romania, Bulgaria, Hungary, and Poland.
"This acquisition is a perfect fit for Zentiva and supports the execution of our strategy," said Nick Haggar, CEO of Zentiva. "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."
The transaction is expected to be closed in the first quarter of 2020, subject to the customary approval.
"With the divestiture of the European business, we will be focusing our strategic development, growth and expansion in other areas," said Alvogen Chairman and CEO Robert Wessman. "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."
Earlier in 2019, Zentiva integrated the teams of Creo Pharma in the United Kingdom and Solacium Pharma in Romania into the Zentiva group, PRNewswire noted. In September, Zentiva also announced the acquisition of a manufacturing site in Ankleshwar in India.