Zentiva to further expand its geographical footprint and complement its portfolio in Generics and OTC
PRAGUE / SOFIA, – 25 OCTOBER 2019 – 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.