Alvogen buys South Korean generics drugmaker for $187 mln

Wed Aug 6, 2014 1:00am EDT

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Aug 6 (Reuters) - Generic drugmaker Alvogen said it had agreed to buy South Korea's Dream Pharma for $187 million in cash as part of a push into Asia by the fast-growing U.S.-based company.

The acquisition, which is expected to close in the fourth quarter, is the third significant purchase by Alvogen in the Asia Pacific (APAC) region since 2012 as it targets markets that also include Taiwan, Thailand, China, Japan and Vietnam.

"This transaction further underlines our ability to act as a powerful industry consolidator and demonstrates the momentum we are building towards becoming one of the top five players in the APAC market," Alvogen Chief Executive Robert Wessman said in a statement on Wednesday.

Privately owned Alvogen, which has 2,400 employees, has commercial operations in more than 30 countries worldwide, with its largest business in North America.

It has expanded rapidly since 2009, when Icelandic pharmaceutical entrepreneur Wessman joined the firm. Wessman was one-time chief executive of Actavis, before it was eventually bought by Watson two years ago. Watson renamed the enlarged company Actavis after the merger. (Reporting by Ben Hirschler; editing by Jane Baird)

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