Alvogen and Zentiva Group a.s (“Zentiva”) today announced that Alvogen has signed a definitive agreement to sell its Central and Eastern European business to Zentiva, for an undisclosed amount.
Alvogen CEE markets over 200 generic and over-the-counter products across multiple therapeutic areas, consisting of highly recognized brands with leading market positions in 14 key markets across CEE including Russia, Romania, Hungary, Poland and Balkan markets.
“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, our global B2B business and continued investment in biosimilars through our sister company Alvotech, we can continue to grow and set the standards on a global platform,” said Robert Wessman, Chairman & CEO of Alvogen.
This transaction brings together two leading generics 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.
“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,”added Wessman.
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.”
Jefferies International Limited acted as sole financial advisor to Alvogen with White & Case serving as legal counsel in connection with the transaction.
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 champions 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.