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.

The Team