Czech drugmaker Zentiva has announced it will buy the Central and Eastern European business of Alvogen, for an undisclosed amount.
Alvogen CEE (Central and Eastern European) markets more than 200 generic and over-the-counter products across multiple therapeutic areas, consisting of highly recognized brands like Lactacyd, Persen, EuBiotic and more, with leading market positions in 14 markets across the region including Russia, Romania, Bulgaria, Hungary, and Poland.
“This acquisition is a perfect fit for Zentiva and supports the execution of our strategy,” said Nick Haggar, CEO of Zentiva. “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.”
The transaction is expected to be closed in the first quarter of 2020, subject to the customary approval.
The company sells its products in 14 countries within the region, including in Russia, Romania, Bulgaria, Hungary and Poland.
Zentiva was the main European branded generics drug company of France’s Sanofi, until the firm agreed in 2018 to sell the unit to Advent International, a private equity company, for 1.9 billion euros ($2.2 billion).
Zentiva has continued to execute on an aggressive strategy to develop new generic drugs, including for treatment of cardiovascular and respiratory illnesses.
The company has also been highly active on the M&A front, buying Romanian pharma company Solacium in March 2019, followed by Creo Pharmaceuticals in the UK, a subsidiary of Amneal Pharmaceuticals (NYSE: AMRX).
In September, Zentiva also announced the acquisition of a manufacturing site in Ankleshwar, in India.