Lotus Pharmaceuticals, an Alvogen company, has announced the issuance of new shares through private placement to be acquired by Innobic. This move is aimed at further strengthening the company’s market access in the ASEAN region. Innobic is a wholly-owned subsidiary of PTT Public Company Limited the largest publicly listed conglomerate in Thailand.
PTT’s majority owner is the Ministry of Finance in Thailand, which is the nation’s only company listed in the Fortune Global 500. Based on the agreement Innobic PTT’s Pharmaceutical and Life Science arm, commits to an investment of approximately US$50 million, to subscribe 17,517,348 new shares via private placement at the price of NT$80.7 per share.
Lotus and Innobic will jointly explore opportunities in the South East Asia pharmaceutical markets, including but not limited to Thailand, Vietnam, Philippines, Malaysia and other ASEAN countries. The partnership combines Lotus’ strong pipeline, wide portfolio, R&D and Business Development capabilities, combined with extensive industry knowledge and high Good Manufacturing Practices standards, with Innobic and PTT’s solid market access, local knowledge, creditability, potential commercial network and business relationship.
Dr Buranin Rattanasombat, Senior Executive Vice President of PTT group and Chairman of Innobic said that “PTT Group has expanded our business value-chain to satisfy the changing demands of a diversified and broader customer base. With the rising concern on the importance of the healthcare ecosystem, it has become a part of our Innobic’s strategy to promote innovative medicines in Thailand and South East Asia to improve patient’s access to more affordable medicines with quality. The venture marks yet another successful milestone towards this goal. We are delighted to be partners with the company that we trust as leaders in the industry.