Lotus Pharmaceuticals Inc (LTUS)

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Alvogen Partially Acquires Lotus Pharma For US$200 Million

http://www.asianscientist.com/2014/01/pharma/alvogen-partially-acquires-lotus-pharma-creates-cancer-treatment-drugs-2014/

Lotus Pharmaceutical has signed a deal with US-based drug maker Alvogen Group Inc, allowing Alvogen to acquire 60 percent of its shares. Asian Scientist Newsroom | January 3, 2014 | Pharma AsianScientist (Jan. 3, 2014) - Lotus Pharmaceutical Co., a company that makes and distributes oral and vaccine medications, has signed a deal with US-based drug maker Alvogen Group Inc, allowing Alvogen to acquire 60 percent of its shares for US$200 million. “Lotus Pharmaceutical can achieve greater market access through this cooperation, and both companies can have a stronger portfolio because we have a different product-mix,” said Charles Lin, chairman of Lotus Pharmaceutical Co. The Taiwan-based firm plans to sell shares to Alvogen through a private placement after the deal is approved by its shareholders. Lotus Pharmaceutical plans to use the proceeds to finance R&D and set up international retail chains in the US, according to the Taipei Times. Lotus Pharmaceutical will make drugs for Alvogen, and they will be sold in Asia. The companies are to also cooperate on strategies for the markets in China, India, Thailand, Myanmar, Singapore, Malaysia and South Korea. Alvogen will also assist Lotus Pharmaceutical to apply for drug permits and sell its products in the US. “Our costs for making drugs for the Asian market are lower than Alvogen’s, and we will start by making Alvogen’s oral medicine for the treatment of cancer,” said Lotus Pharmaceutical’s chief finance officer Ben Chung. Read more from Asian Scientist Magazine at: http://www.asianscientist.com/2014/01/pharma/alvogen-partially-acquires-lotus-pharma-creates-cancer-treatment-drugs-2014/