Alvogen acquires Dream Pharma for $187 million

NEW JERSEY, US: Alvogen has acquired Dream Pharma in South Korea for $187 million in cash. Dream will be acquired through Alvogen’s Asian subsidiaries and, on completion, will create one of the largest generic pharmaceutical companies in South Korea. The transaction represents a significant milestone in Alvogen’s stated ambition to become one of the top five regional players in the APAC market. The transaction is subject to regulatory approval and closing is expected in the fourth quarter 2014.

The acquisition of Dream will significantly strengthen Alvogen’s existing business in South Korea, adding a complementary portfolio of over 100 products. Dream currently has an impressive 35 per cent market share in obesity products in Korea, with no overlap with Kunwha’s current portfolio in the market. The consolidated business creates a strong platform for exports and a basis upon which to introduce the Korean portfolio into other APAC markets.

“I am delighted to announce this transaction. Dream is an excellent business and we are looking forward to collaborating with their high-calibre team as we work to fuel regional growth and to gain scale in the Korean market and a broader product offering. Alvogen’s business continues to grow from strength to strength in APAC and our commitment to the region is yielding clear results. 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,” said Robert Wessman, President and CEO, Alvogen.

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