Multinational pharmaceuticals company establishes foothold in critical Chinese market
PARSIPPANY, NEW JERSEY, USA – December 15, 2009 – Alvogen, Inc. (Alvogen), the U.S.-based pharmaceutical company, today announced that it has established operations in Asia and has opened an office in Shanghai, China that will lead efforts to commercialize the company's products in the country. The Chinese market represents a strategic gateway for future business development in Asia as the company aims to solidify its presence in the region. Alvogen China also will serve as a global sourcing unit for active pharmaceutical ingredients and finished products that will be used throughout the company’s regional business units that encompass North America, Europe and Asia.
"We see great opportunities for our business in Asia, and the creation of Alvogen China is integral to our development strategy. Through registration of our own products, portfolio acquisitions and strategic partnerships, we aim to build a strong presence in the market with a targeted product offering," said Robert Wessman, Executive Chairman of Alvogen. Wessman is the former chief executive of Actavis, one of the largest generic pharmaceutical companies in the world. “We are committed to identifying new alliances in China that will further strengthen our development, manufacturing and sourcing capabilities."
Qin Maximilian Lue, MD, PhD, who is the primary shareholder of Shanghai-based Mephax Holdings, will become the managing director of Alvogen China, and will lead a newly recruited team with extensive experience. Dr. Lue has over 20 years of experience in the global medical and pharmaceutical market.
Alvogen believes that the Chinese market will experience strong growth in the coming years and will play a central role in the company’s international expansion.
"Within the next five years we aim to be one of the strongest pharmaceuticals companies in China, recognized for our reputation of high quality products and services," said Doug Drysdale, Chief Executive Officer of Alvogen. "It is our vision to build a leaner and more flexible multinational operation that overcomes the challenges of the traditional generics business model," said Drysdale.
About Alvogen Alvogen is a multinational pharmaceuticals company focused on complex generic products. Alvogen is committed to build the next-generation generics company through the strategic selection of products, partners and markets, and the utilization of a consolidated global supply chain. The company has more than 170 pharmaceutical products in development and registration with the first products expected to be launched in 2010. The product portfolio consists of a broad range of leading molecules for the treatment of conditions in the areas of Oncology, Cardiology, Respiratory, Neurology and Gastroenterology.
With more than 100 years in operation, Alvogen possesses first-class regulatory, development and manufacturing capabilities in Asia, Europe and North America. Visit www.alvogen.com for additional information.