 "CVC-led consortium buys controlling stake in $2-bn drug-maker Alvogen")
CVC Capital Partners-led consortium of investors, which included Singapore-based investment company Temasek and Vatera Healthcare Partners, have bought Pamplona Capital Management’s stake in Alvogen - the North America-based generic, over-the-counter (OTC) and biosimilar products manufacturer – giving the consortium a controlling stake in the pharma company.
Aztiq Pharma, the investment vehicle led by Robert Wessman, Alvogen‘s chief executive will remain with a significant stake and Pamplona will also retain a small stake following the transaction. Robert Wessman will continue to serve as the company’s CEO.
According to a Reuters report, the deal values the company at around $2 billion.
Alvogen has delivered six consecutive years of strong revenue and profit growth, expanding from its original base in North America to commercial operations in 35 countries around the globe. Today the company has regional hubs in North America, Eastern Europe and Asia Pacific. North America is its largest market with over 60 pipeline ANDA filings. The Group currently has over 200 strategically selected pharmaceutical projects in development and registrations and 350 marketed products.
Robert Wessman, CEO of Alvogen, commented, “Alvogen has established itself as one of the fastest growing generic pharmaceutical companies in the industry, delivering double digit revenue and profit growth annually since 2009. The Group has transformed from being a domestic US business to a global player."
Tomas Ekman, partner, CVC, said, “Together with our co-investors, we are delighted to be working with Robert and his team to continue Alvogen’s extraordinary expansion. Robert has proven himself a visionary leader and we look forward to bringing our own network and operational expertise to support the team in creating the pharmaceutical company of tomorrow.”
Aztiq Pharma, the investment vehicle led by Robert Wessman, Alvogen‘s chief executive will remain with a significant stake and Pamplona will also retain a small stake following the transaction. Robert Wessman will continue to serve as the company’s CEO.
According to a Reuters report, the deal values the company at around $2 billion.
Alvogen has delivered six consecutive years of strong revenue and profit growth, expanding from its original base in North America to commercial operations in 35 countries around the globe. Today the company has regional hubs in North America, Eastern Europe and Asia Pacific. North America is its largest market with over 60 pipeline ANDA filings. The Group currently has over 200 strategically selected pharmaceutical projects in development and registrations and 350 marketed products.
Robert Wessman, CEO of Alvogen, commented, “Alvogen has established itself as one of the fastest growing generic pharmaceutical companies in the industry, delivering double digit revenue and profit growth annually since 2009. The Group has transformed from being a domestic US business to a global player."
Tomas Ekman, partner, CVC, said, “Together with our co-investors, we are delighted to be working with Robert and his team to continue Alvogen’s extraordinary expansion. Robert has proven himself a visionary leader and we look forward to bringing our own network and operational expertise to support the team in creating the pharmaceutical company of tomorrow.”