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SOFIA (Bulgaria), October 25 (SeeNews) - Czech drug maker Zentiva said on Friday that it has signed a definitive agreement to acquire the Central and Eastern European (CEE) business of US-based peer Alvogen for an undisclosed sum.
In CEE, Alvogen employs over 1,000 people, marketing more than 200 generic and over-the-counter products across multiple therapeutic areas, including the Lactacyd, Persen, and EuBiotic brands, Zentiva said in a statement.
According to the statement, Alvogen's brands hold leading market positions in 14 markets across CEE, including Russia, Romania, Bulgaria, Hungary, Poland and the Balkan markets.
"Zentiva will strengthen its leadership in Central and Eastern Europe while expanding into new markets and significantly increase its specialty and OTC medicines portfolio," Nick Haggar, CEO of Zentiva, said.
The transaction is expected to close in the first quarter of 2020, subject to regulatory approvals.
Earlier in 2019, Zentiva integrated the teams of Creo Pharma in the UK and Solacium Pharma in Romania into the Zentiva group.