American drug producer Alvogen takes over Romania's Labormed to create regional hub

American group Alvogen recently finalized the deal to takeover local drug producer Labormed. The deal has been rumored since December last year. Investment fund Advent International was the seller, but the value of the deal was not announced. The deal offers the American group a development platform and it aims to make Labormed a regional base in Central and Eastern Europe. Its factory will become the production, research and development, sales and marketing hub for the entire region. “Labormed contributes a strong product portfolio with minimal overlap with Alvogen, with the potential for broader geographic reach outside of Romania into other key CEE markets. Labormed’s strong focus on cardiovascular and central nervous system medicines, as well as on OTC analgesics, vitamins, probiotics and cough & cold remedies, compliments Alvogen’s existing portfolio, which mainly focuses on oncology and hospital products,” according to Alvogen. Laurentiu Scheusan, who formerly managed local operations for generic pharmaceuticals company Actavis, will continue to lead Alvogen’s operation in the CEE region. Alvogen is present in 25 countries around the world with over 200 strategic pharmaceutical projects in development and registration. Labormed is the largest independent generics company in Romania and in 2007, invested EUR 19 million in a greenfield drug factory. Investment fund Advent International took over Labormed in 2008 for some EUR 120 million. editor@romania-insider.com (photo source: Labormed)