U.S.-based Alvogen agrees to buy Taiwan's Lotus for $200 mln-paper
TAIPEI Dec 17 (Reuters) - U.S. pharmaceutical company Alvogen has agreed to buy a 67 percent stake in Taiwan's Lotus Pharmaceutical Co. for $200 million, a local newspaper reported on Tuesday.
Alvogen would pay T$39.5 ($1.3) a share via a private placement, making it the biggest stakeholder of Lotus, the Economic Daily reported.
Under the agreement, Alvogen can expand its presence in Asia while Lotus will become an Asia hub for Alvogen, the report said.
The U.S. company is a privately-owned specialty pharmaceutical company focused on the development, manufacturing and marketing of generic pharmaceuticals and biosimilar products.
Lotus shares dropped 4.8 percent in early trading on Tuesday, lagging the main index's 0.7 percent rise.
Officials of Lotus were not immediately available for comment. (Reporting by Faith Hung; Editing by Jeremy Laurence)
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