Alvogen acquires Korean Dream Pharma for $187 million

Privately-owned US generics firm Alvogen says it has acquired Dream Pharma in South Korea for $187 million in cash, marking the third significant buy for the company since 2012.

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 major milestone in Alvogen’s stated ambition to become one of the top five regional players in the Asia Pacific Region (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% market share in obesity products in Korea, with no overlap with Kunwha’s current portfolio in the market.  Alvogen acquired a majority stake in Kunwha in 2012. The consolidated business creates a strong platform for exports and a basis upon which to introduce the Korean portfolio into other APAC markets and one of the largest generic pharmaceutical businesses in Korea.