Alvogen acquires Labormed Pharmaceuticals

Privately-held US generics firm Alvogen says that it has acquired Labormed Pharmaceuticals, a Romania-based pharmaceutical company engaged in the manufacturing and sales of generic medicines. Financial terms of the deal were not disclosed.

The transaction creates a powerful platform from which to drive further revenue growth in the Romanian market, as well as in other Central and Eastern European markets. It also represents a significant milestone in Alvogen’s strategy to become one of the leading companies in the global generic pharmaceuticals sector, the company said.

This is the second acquisition in the past few months for Alvogen, which last fall entered into an agreement to acquire a majority share in South Korea-based generic drugs manufacturer and marketer Kunwha Pharmaceuticals. Kunwha will serve as a center of excellence and a platform for Alvogen’s products and support services in the Asia Pacific region as the firm enters other regional markets in the coming years (The Pharma Letter October 21, 2012).