Pamplona investment group buys majority share in Alvolgen

Generics and biosimilars Initiative

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Pamplona investment group buys majority share in Alvolgen

INICIO/Noticias Farmacéuticas | Posted 16/05/2014 0 Post your comment

Specialist investment manager Pamplona Capital Management (Pamplona) announced on 2 April 2014 that it had acquired a majority stake in US generics company Alvogen, one of the fastest growing generics companies in the pharmaceutical industry.

Alvogen employs 2,000 people and currently operates in 34 markets across the US, Central and Eastern Europe and the Asia-Pacific region, with manufacturing hubs in USA (New Jersey), Romania and South Korea.

Alvogen’s focus on niche generic products in the US is complemented by its branded generic and over-the-counter businesses in Central and Eastern Europe and Asia-Pacific. Alvogen has a deep product pipeline of more than 200 pharmaceutical projects in development and registration, including several potential first-to-file and first-to-market opportunities.

The company also has a biosimilar presence and in February 2014 launched the first biosimilar monoclonal antibody approved in Central and Eastern Europe, Inflectra (infliximab), in collaboration with its partner Hospira. As part of this partnership Alvogen has been marketing biosimilars from Hospira’s biosimilar portfolio in Central and Eastern Europe for a number of years. These include Inflectra as well as Nivestim (filgrastim) and Retacrit (epoetin zeta) [1].

Continuing in the biosimilars theme, sister company Iceland-based Alvotech also invested US$250 million in December 2013 to build a plant in Reykjavik for the development and manufacture of a portfolio of biosimilar monoclonal antibodies [2]. The company has also entered into a partnership for bio-manufacturing with US-based bio-process management company Finesse Solutions [3].

Mr Robert Wessman, Chairman and Chief Executive Officer of Alvogen, said that ‘Pamplona is completely aligned with our strategy to develop Alvogen’s platform for future growth’, and, hinting at future deals, added that Pamplona can provide Alvogen ‘with the additional financial capability to make strategic investments and selective acquisitions’.

References
1. GaBI Online - Generics and Biosimilars Initiative. Alvogen launches infliximab biosimilar in Europe [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2014 May 16]. Available from: www.gabionline.net/Biosimilars/News/Alvogen-launches-infliximab-biosimilar-in-Europe
2. GaBI Online - Generics and Biosimilars Initiative. Alvotech invests US$250 million in biosimilars [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2014 May 16]. Available from: www.gabionline.net/Biosimilars/News/Alvotech-invests-US-250-million-in-biosimilars
3. GaBI Online - Generics and Biosimilars Initiative. Alvotech and Finesse enter into biosimilars collaboration [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2014 May 16]. Available from: www.gabionline.net/Biosimilars/News/Alvotech-and-Finesse-enter-into-biosimilars-collaboration

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Source: Pamplona