Taiwan’s Lotus Pharmaceuticals acquired Teva’s Thailand operations for an undisclosed price as the Israel-based generic giant continues to shed manufacturing operations as part of a massive restructuring unveiled a year ago.
Once the sale is completed by the end of the third quarter of this year, Teva’s Thailand operations will become a wholly owned subsidiary of Lotus, which will take over the sales and marketing of existing products.
The outfit, located in Bangkok, has a team of about 80 workers that Lotus expects to expand to about 100, the company said in a June 6 press release.
The acquisition gives Lotus access to Teva’s ophthalmic and respiratory portfolio, including leading ophthalmic products such as Natear, that will allow Lotus to enter pharmacy channels in Thailand.
“This acquisition marks a significant milestone for Lotus as we continue to reinforce our presence across Southeast Asia and is a step towards our aspiration of becoming a leading player in Asia Pacific,” Petar Vazharov, Lotus' chief executive, said in the release. “By integrating Teva Pharma Thailand into our operations, we strengthen our generics and specialty product offerings, laying a solid foundation for sustained profit growth in the years ahead.”
The sale is part of Teva’s “Pivot to Growth” strategy that was announced a little over a year ago. The plan calls for the company to reduce its manufacturing footprint. It closed three sites last year and reduced its overall production sites to 49.
In an earnings call in May, Teva announced it plans to shutter or sell four more facilities by the end of 2025 with a target of having a global operating footprint of 40 to 42 plants by 2027.
Teva also said it will likely put its generics business in Japan on the block within the next year.