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Regional management changes to accelerate APAC strategy

13 January 2016

Alvogen today announces a number of management changes to accelerate the delivery of its growth strategy in the APAC region. Since 2012, Alvogen has successfully completed and integrated three strategic acquisitions in Korea and Taiwan, made significant investments in local manufacturing and developed a growing pipeline of products. The newly appointed members of the executive team are proven leaders who will build on the outstanding foundations laid by the team in recent years.

Effective from 20 January 2016, the following changes will be made to the Alvogen leadership team:

  • Renaat Janssen, currently Executive Vice President of Alvogen APAC and Chief Executive Officer of Lotus, will become Executive Chairman of the Board of Alvogen APAC. In this new role, Renaat will continue to support the ambitious growth plans of the region focusing on the overall strategy, specific growth targets and acquisitions. In this capacity, Renaat will continue to be on the Board of Directors of our different affiliates in the region.
  • Petar Vazharov, currently Executive Vice President of Alvogen CEE, will become Executive Vice President of Alvogen APAC, responsible for executing our growth strategy across the APAC market. Petar brings with him 15 years’ experience in the generic pharmaceuticals industry. During his time running Alvogen’s operations in CEE, Petar has demonstrated his ability to lead regional growth.
  • Hacho Hatchikian, currently Vice President of Commercial Operations of Alvogen Central Eastern Europe, will become Executive Vice President of the CEE region, replacing Petar Vazharov. Hacho brings strong regional background with 11 years of industry experience.

Commenting on the management changes, Robert Wessman Chairman and CEO of Alvogen, said:

“In a short period of time, we have built a strong platform for growth in Asia and have a clear ambition to become a top 5 regional player. Renaat has played an important role in helping us to build an excellent regional platform, and we would like to take this opportunity to thank him for his contribution. I am delighted that we will continue to benefit from Renaat’s regional expertise as he takes on the role of Executive Chairman of Alvogen APAC. I am confident that Petar has the right skills and experience to accelerate the positive momentum which Renaat has developed. APAC is our fastest growing region, representing over 30% of group revenue, so it is crucial that we have the right team in place to execute our strategy. Petar and Hacho both bring strong leadership capabilities and insight that will be invaluable as we work to deliver our long term growth objectives.”