Alvogen acquires LaborMed
In December 2012, Alvogen acquired LaborMed Pharma, a Romania-based pharmaceutical company engaged in the manufacturing and sales of generic medicines. Alvogen commented that the move would create a platform from which it could drive further revenue growth in the Romanian market, as well as in other Central and Eastern European markets.
Through this acquisition, both Alvogen and LaborMed will benefit from the increased scale, portfolio and geographic reach of the enlarged group. LaborMed will become the enlarged group's centre of excellence in the CEE and will serve as Alvogen's head office in the region. In addition, LaborMed facilities will be the manufacturing, R&D, sales and marketing base for the entire region. The acquisition will significantly strengthen Alvogen's market position in Romania.
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 focus on cardiovascular and central nervous system medicines, as well as on OTC analgesics, vitamins, probiotics and cough & cold products, compliments Alvogen's existing portfolio.
LaborMed was the largest independent generics company in Romania. The company has a complex portfolio of over 200 generic products, OTC products and natural remedies. Using its own resources, the firm has developed over 50 generic molecules.