Alvogen Acquisition, Valuation, Funding & Investors

Alvogen was acquired by Lotus Pharmaceutical for $658M in September 2025.

Alvogen acquisition price

$658M

Acquired by Lotus Pharmaceutical · Sep 2025

Cumulative funding Alvogen raised

$100M

across 1 funding round

Key investors in Alvogen

  • Aztiq Pharma Partners

Alvogen Overview

About Alvogen

Alvogen is a Reykjavik-headquartered global pharmaceutical firm manufacturing generics, branded drugs, biosimilars, and OTC products across 40 countries. The company produces over 350 molecules, including complex injectables like enoxaparin and biosimilars for oncology. Alvogen operates 15 manufacturing sites in Iceland, India, and the U.S., with R&D centers in Slovenia and Taiwan. Founded in 2014, it partners with Teva and Sandoz for distribution, serving markets in Europe, Asia, and Latin America. Alvogen supplies hospital chains like Cleveland Clinic and retail pharmacies such as Walgreens, emphasizing affordable access to treatments for chronic diseases.


Founded

2009

HQ

United StatesMorristown, NJ

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$412M (Jun 2021)

Alvogen Acquisition

Alvogen was acquired by Lotus Pharmaceutical for $658M on 23 September 2025.

Before the acquisition Alvogen had raised $100M across 1 funding round.

Alvogen Pharma US, Inc., a US-based pharmaceutical company, develops, in-licenses, manufactures, and markets complex high-value products including inhalation therapies, long-acting injectables, peptides, and 505(b)(2) brand products. It operates over 30 marketed products, extensive R&D pipeline, and a dedicated manufacturing facility in Norwich, New York, with expansion capacity, supported by a US salesforce. On September 23, 2025, Alvogen's shareholders signed a definitive agreement to sell its parent, New Alvogen Group Holdings, Inc., to Lotus Pharmaceutical Co., Ltd. (TWSE: 1795), a Taiwan-listed international firm with partnerships in the US, Europe, Japan, China, and Brazil, over 250 commercial products, and a pipeline of more than 100 projects in oncology, complex generics, 505(b)(2), NCEs, and biosimilars. The transaction, valued at approximately USD 658 million in equity, comprised about 65% cash and loans from Lotus plus proceeds to existing shareholders, along with preferred shares and contingent earnout; it closed on December 3, 2025, after regulatory approvals, making Alvogen a controlled subsidiary of Lotus. The deal builds on prior collaborations with successful co-developed product launches, providing Lotus a US platform for R&D, manufacturing, and commercialization to bolster its specialty generics portfolio and global expansion, particularly in the largest US pharma market. Advisors included Jefferies LLC and Rothschild & Co. as financial advisors to Alvogen, White & Case LLP as legal advisor to Alvogen, and Baker McKenzie and Goldman Sachs for Lotus. Strategic rationale emphasizes sustainable growth through Lotus' APAC distribution and global partnerships extending Alvogen's reach while maintaining quality supply from Norwich; it aligns with PTT Group's life sciences investment via major stake in Lotus, supporting self-funded expansion without connected transaction disclosures.

Alvogen acquisition details
AcquirerDateTypePrice
23 Sep 2025Strategic M&A$658M

Alvogen Valuation

Alvogen is currently valued at $412M, based on its undisclosed-stage round in June 2021.

The $100M round was led by Aztiq Pharma Partners.

Alvogen valuation by funding round

Alvogen valuation by funding round
DateStageValuation
Jun 2021Undisclosed stage$412M

Alvogen Funding History

Alvogen has raised a total of $100M across 1 funding round.

Alvogen funding rounds

Alvogen funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2021Undisclosed stageAztiq Pharma Partners (lead)$100M$412MAlvogen US, the North American subsidiary of international pharmaceutical company Alvogen, completed a growth capital transaction on June 30, 2021, where Aztiq Pharma Partners invested $100 million to acquire a newly issued 17% equity stake at a pre-money valuation of $350 million, implying a post-money valuation of $412 million. Prior to the deal, Alvogen US was 100% owned by Alvogen Lux Holdings; post-transaction, Aztiq held a combined direct and indirect stake of approximately 40%. The financing was led by Morgan Stanley and subscribed by international institutional investors. The proceeds supported increased R&D investment and expansion of branded sales channels in the U.S. for Alvogen's generic business and its branded division Almatica Pharma. Alvogen, founded in 2009 and focused on developing, producing, and selling generic, branded, and over-the-counter drugs worldwide, operates in 20 countries with about 1,700 employees and four manufacturing and development centers in the U.S., Korea, and Taiwan. Alvogen US represents a key part of its U.S. operations based in New Jersey. Aztiq Pharma Partners, a private equity fund led by Róbert Wessman, views Alvogen US as an exciting opportunity with many pipeline products slated for market launch in the next two years, aiming to accelerate growth in R&D and sales & marketing. This investment aligns with Aztiq's mission to improve patient access to affordable high-quality medicines.

Who has invested in Alvogen?

1 investor has backed Alvogen across its funding rounds, including Aztiq Pharma Partners.

Lead investors include Aztiq Pharma Partners.


Alvogen Investors

Investors in Alvogen by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Alvogen

Alvogen has acquired 4 companies to date.

Last acquisition by Alvogen was on August 15th 2017. Alvogen acquired Omega Bittner for $14M.


Latest Acquisitions by Alvogen

Omega Bittner
OOO Dolfin
County Line Pharmaceuticals
Dream Pharma Corp
Description
Omega Bittner is a Moscow-based pharmaceutical distributor specializing in OTC products for cough remedies and women's health. It markets brands like Ascorutin and Toniovit across Russia through 10,000 pharmacies. Established in 2006 via Bittner acquisition, Omega Bittner holds GMP certification and exports to CIS countries.
OOO Dolfin is a Russian producer of Dolphin-brand nasal irrigation systems and antiseptic solutions for treating sinus infections, allergies, and respiratory issues. Its product line includes irrigators, saline solutions, and immunomodulatory sprays distributed through pharmacies nationwide.
County Line Pharmaceuticals is a specialty pharmaceutical company based in Brookshire, Texas. Established in 2007, it develops and markets branded generic drugs in neurology, dermatology, and gastroenterology, including treatments for Parkinson's disease and skin conditions. The firm operates an FDA-registered facility for formulation and packaging, distributing products through wholesalers nationwide.
Dream Pharma Corp is a Seoul-based pharmaceutical manufacturer producing prescription and over-the-counter medications including tablets, capsules, creams, injections, and powders. The company specializes in antihistamines, pain relief, gastrointestinal, respiratory, circulatory, dermatology, anti-obesity treatments, and nutritional supplements. It exports to India and Vietnam and partners with firms in the United States, Asia, and Europe. Operating as a Hanwha Corp subsidiary since its 1995 founding, formerly H-Pharm Co., Ltd., Dream Pharma focuses on diverse therapeutic areas.
HQ CountryRussiaRussiaUnited StatesSouth Korea
HQ City
Moscow
Moscow
Milwaukee, WI
Seoul
Deal Date15 Aug 201728 Nov 20167 Mar 20166 Aug 2014
Valuation$14Mundisclosed$300M$187M
EV/Revenue
EV/EBITDA

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Investments by Alvogen

Alvogen has invested in 2 companies to date.

Latest investment by Alvogen was on October 27th 2020. Alvogen invested in Alvotech in their $65M Undisclosed stage round.


Latest Investments by Alvogen

Alvotech
Kerecis
Description
Alvotech is an integrated biopharmaceutical company committed to developing and manufacturing high-quality biosimilar medicines for patients globally. its purpose is to improve the health and quality of life of patients around the world by improving access to treatments for various diseases.
Kerecis is an Iceland-headquartered medical technology company that produces MariGen and SurgiBind fish-skin grafts for wound healing and tissue regeneration. Sourced from Atlantic cod raised in pristine Icelandic waters, the acellular fish skin matches human skin's lipid profile, minimizing disease transmission risks. Over 50 clinical studies, including two double-blind randomized controlled trials, demonstrate superior efficacy over porcine and bovine alternatives in treating chronic wounds, burns, and surgical sites. The company expanded into oral surgery and neurosurgery products.
HQ CountryUnited StatesIceland
HQ City
Reykjavík
Ísafjörður
Deal Date27 Oct 202013 Jun 2019
RoundUndisclosed stageSeries C
Raised$65M$16M
InvestorsAztiq; Athos Capital; Baxter Ventures; Shinhan CapitalEmerson Collective; CuraeLab; Novator
Valuation$1.5Bundisclosed
EV/Revenue
EV/EBITDA

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Alvogen Competitors

Alvogen competitors include listed companies like Neurogene and OmniAb, and private ones like Lepu Bio, Endeavor BioMedicines, Expedition Therapeutics and Shenzhen Luye.

Public and private companies comparable to Alvogen
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Lepu BioChinaShanghaiPrivate--$654M-
Endeavor BioMedicinesUnited StatesSan Diego, CAPrivate--$650M-
Expedition TherapeuticsUnited StatesSan Francisco, CAPrivate--$650M-
Shenzhen LuyeChinaShenzhenPrivate--$667M-
NeurogeneUnited StatesUnited StatesPublicly listed-($99M)$649M-
OmniAbUnited StatesUnited StatesPublicly listed$19M($47M)$646M20.2x

Alvogen Public Comps

Alvogen is no longer listed, but its public comps include Neurogene, OmniAb, Oneness Biotech, Senores Pharmaceuticals, Verastem, MiMedx Group, Aura Biosciences, Altimmune, Monopar Therapeutics and Chong Kun Dang Pharma.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Neurogene-($99M)--(4.4x)-
OmniAb$19M($47M)32.8x20.2x(13.0x)(18.4x)
Oneness Biotech$4M($29M)127.4x138.1x(17.7x)(30.0x)
Senores Pharmaceuticals$64M$21M10.9x8.8x33.3x30.6x
Verastem$31M($212M)20.4x6.8x(3.0x)-
MiMedx Group$419M$78M1.4x1.8x7.2x21.0x
Aura Biosciences-($112M)--(3.4x)-
Altimmune$41K($95M)8292.1x29102.1x(3.6x)(3.2x)

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Common questions about Alvogen

When was Alvogen founded?Alvogen was founded in 2009.
Where is Alvogen headquartered?Alvogen is headquartered in Morristown, NJ, United States.
Is Alvogen publicly listed?No, Alvogen was acquired by Lotus Pharmaceutical in September 2025.
Who acquired Alvogen?Alvogen was acquired by Lotus Pharmaceutical in September 2025.
How much was Alvogen acquired for?Alvogen was acquired for $658M in September 2025.
What is Alvogen's valuation?Alvogen was last valued at $412M in its undisclosed-stage round in June 2021.
How much funding has Alvogen raised?Alvogen has raised $100M across 1 funding round.
What was Alvogen's last funding round?Alvogen's last funding round was a $100M undisclosed-stage round in June 2021, led by Aztiq Pharma Partners.
Who are Alvogen's investors?Alvogen's investors include Aztiq Pharma Partners.
Which companies are comparable to Alvogen?Companies comparable to Alvogen include Lepu Bio, Endeavor BioMedicines, Expedition Therapeutics, Shenzhen Luye, Neurogene and OmniAb.
How many companies has Alvogen acquired?Alvogen has acquired 4 companies, including Omega Bittner, OOO Dolfin, County Line Pharmaceuticals and Dream Pharma Corp.
What was the largest acquisition by Alvogen?The $300M acquisition of County Line Pharmaceuticals in March 2016 is the largest acquisition Alvogen has made to date.
How many companies has Alvogen invested in?Alvogen has invested in 2 companies, including Alvotech and Kerecis.
What was Alvogen's last investment?In October 2020, Alvogen invested in Alvotech's $65M undisclosed-stage round alongside Aztiq, Athos Capital, Baxter Ventures and 1 other investor.

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