Shearman & Sterling advised Icelandic pharmaceutical equity fund Aztiq on the financing arrangements for its $475 million acquisition of Alvogen Emerging Market Holdings (AEMH) with co-investor Innobic (Asia) Company Limited, a life sciences subsidiary of Thailand energy company PTT Public Company Limited. The consortium will become the leading shareholder in global pharmaceutical company Lotus Pharmaceutical and the sole shareholder of Adalvo, a global business-to-business pharmaceutical company.
The financing was provided by a syndicate of banks including BNP Paribas, Far Eastern International Bank and Shinhan Investment Corp.
Aztiq is a private equity company led by Alvogen Founder and Chairman Robert Wessman, who has successfully grown a small local business to a regional contender.
The current shareholder of AEMH, Alvogen Lux Holdings S.a r.l., first acquired a major stake in Lotus Pharmaceutical in 2014 and have led the transformation of the Taiwanese company into the largest pharmaceutical company in Taiwan. PTT Group is Thailand’s largest industrial conglomerate.