Alvogen sells Central and Eastern European business to Zentiva

Alvogen is selling its Central and Eastern European business to Zentiva, for an undisclosed amount, to focus on developing other areas, with the transaction to be closed in first quarter of 2020

Alvogen CEE markets over 200 generic and over-the-counter products across multiple therapeutic areas, consisting of highly recognized brands with leading market positions in 14 key markets across CEE including Russia, Romania, Hungary, Poland and Balkan markets.

“With the divestiture of the European business, we will be focusing our strategic development, growth and expansion in other areas. Through acquisitions and strong partnerships in the Asian region, our global B2B business and continued investment in biosimilars through our sister company Alvotech, we can continue to grow and set the standards on a global platform,” said Robert Wessman, Chairman & CEO of Alvogen.

The transaction is expected to close in the first quarter of 2020, subject to customary approvals, the companies said in the press release.

Nick Haggar, Chief Executive Officer of Zentiva said: “This acquisition is a perfect fit for Zentiva and supports the execution of our strategy. 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.”