Innobic, Aztiq pay $475m to acquire 2 leading firms

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Innobic, aztiq pay $475m to acquire 2 leading firms

Mr Auttapol, centre, Mr Buranin, second left, and Mr Wessman, second right, at a ceremony held to celebrate the completion of a major share purchase deal in the pharmaceutical industry.

National oil and gas conglomerate PTT Plc has made another investment in the pharmaceutical sector with its business partner Iceland-based Aztiq HK Co, jointly acquiring Alvogen Emerging Market Holdings, a major shareholder in Lotus Pharmaceutical and Adalvo, two leading firms in the pharmaceutical industry.

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PTT, which invested through its wholly owned subsidiary and life science arm Innobic (Asia) Co, and Aztiq completed a share purchase deal worth US$475 million.

The investment will make Innobic a major shareholder in Lotus Pharmaceutical and Adalvo, with stakes of 37% and 60%, respectively.

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Alvogen Emerging Market Holdings is the parent firm of Taiwan-based Lotus Pharmaceutical. It also owns Adalvo, a business-to-business pharmaceutical firm based in Malta.

PTT and Aztiq agreed to push ahead with the asset acquisition plan in November last year to expand business in the life science sector, which has been set as a new S-curve business for PTT.

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The two firms recently signed the share purchase deal in Bangkok to complete the acquisition.

Auttapol Rerkpiboon, president and chief executive of PTT, said the acquisition will reinforce Lotus Pharmaceutical’s plan to market its products in Asean through cooperation with Innobic and will eventually help strengthen Thailand’s health sector.

Aztiq will provide its hands-on commercial experience in the pharmaceutical industry.

Mr Auttapol said PTT will not only further develop its business in the petroleum sector but also look for opportunities to diversify into new businesses in line with trends, sustainability and social responsibility.

“We established Innobic to accomplish our new S-curve business target by focusing on pharmaceutical, medical technology and nutrition,” said Mr Auttapol.

Buranin Rattanasombat, the chairman of Innobic and senior executive vice-president for innovation and new ventures at PTT, said helping patients gain batter access to high-quality pharmaceutical products and improve their quality of life is a vital part of Innobic’s strategy to promote pharmaceutical and biotechnological industries in Thailand.

Róbert Wessman, chairman of Lotus Pharmaceutical and the founder of Aztiq, said the firm is excited to partner with Innobic.

“We expect the deal to enable and accelerate the growth and expansion of the pharmaceutical manufacturing that will solidify our leadership position,” he said.

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