Thai oil firm PTT expands pharma business with US$475 million Alvogen deal

thai oil firm ptt expands pharma business with us475 million alvogen deal

Sumary of Thai oil firm PTT expands pharma business with US$475 million Alvogen deal:

  • BANGKOK : Thailand’s state-owned oil firm PTT is set to expand further into pharmaceuticals as part of a consortium acquiring a unit of drugmaker Alvogen, the parent of Taiwan’s Lotus Pharmaceutical, PTT said on Friday.
  • A consortium of PTT and Icelandic investment fund Aztiq have agreed a US$475 million purchase of Alvogen Emerging Markets Holdings Ltd, which holds a 57.48per cent stake in Lotus, according to Refinitiv Eikon.
  • The Alvogen unit also owns Adalvo, a business-to-business pharmaceutical firm based in Malta.
  • PTT said it will have a 37per cent indirect shareholding in Lotus – which makes drugs to treat cancer, cardiovascular disease and mental diseases – when the deal closes in the first quarter of 2022 and 60per cent of Adalvo.

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