Alvogen has entered into a definitive agreement with Pfizer Inc. (NYSE: PFE), under which it will acquire a portfolio of four pharmaceutical products, in the U.S.
Alvogen has developed a strong track record in the U.S. market with over 60 pipeline ANDA's, of which 28 have first-to-file or first-to-market potential. The transaction will further diversify and strengthen Alvogen's commercial platform in the U.S. market, and create new opportunities for continued growth across the region. The acquired portfolio includes four products that are being divested by Pfizer as a precondition to its closing of the acquisition of Hospira.
Robert Wessman, Chairman and CEO of Alvogen, commented:
"This acquisition supports our strategy to gain exposure to the high growth, injectable segment in the U.S. market. These products will complement as well as significantly strengthen our existing portfolio, further enhancing our customer offering. We will be able to leverage our current sales and marketing network to increase market share in the U.S. Moreover, this important strategic development takes Alvogen closer towards its stated ambition to become one of the leading global players."
The assets being acquired include an attractive portfolio of three injectable products and one inhaled solution product. Two are on-market products, Clindamycin injection and Acetylcysteine inhalation solution. Acetylcysteine will continue to be marketed by Fresenius with Alvogen receiving profit sharing payments. In addition, Alvogen will acquire two pending ANDA's, Voriconazole injection and Melphalan injection. Both pending applications represent generic market with limited participation and are expected to launch as early as 2016.