Lotus Shares Surge On Alvogen Deal

News: Shares of Taiwan-based Lotus Pharmaceutical Company rose 6.89% in Taipei trading on February 17 after shareholders agreed to let US-based drugmaker Alvogen Group buy 67% of the firm's shares for US$200mn. As part of the deal, Alvogen will hold 151.1mn shares of Lotus for three years before it can dispose of them and would gain more than 50% of the seats on Lotus' board, while Charles Lin will remain the chairman of the company. Lotus Pharma said it will see its capitalisation rise to TWD2.2bn (US$72.56mn) from TWD740mn (US$24.4mn) following the deal, with its product portfolio increasing to about 300 items.

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Related sectors of this article: Pharmaceuticals & Healthcare
Geography: Taiwan

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