May 31, 2021
Lotus Pharmaceutical Co., Ltd., an Alvogen company, has announced the issuance of new shares through private placement to be acquired by Innobic (Asia), a wholly owned subsidiary of PTT Public Company Limited (PTT). Latham & Watkins advised PTT in the transaction.
Under the agreement, Innobic (Asia), PTT's Pharmaceutical and Life Science arm, commits to an investment of approximately US$50 million, to subscribe 17,517,348 new shares via private placement at the price of NT$80.7 per share. This strategic investment aims to further strengthen market access in the ASEAN region, including but not limited to Thailand, Vietnam, Philippines, and Malaysia.
PTT is the largest publicly listed conglomerate in Thailand and the nation's only company listed in the Fortune Global 500. Lotus is a generic company headquartered in Taiwan with high-value generic products covering CNS, CVS, oncology, women health, and anti-obesity drugs in tablets & hard/softgel capsule for global markets.
The deal team was led by Hong Kong partner Posit Laohaphan and Singapore partner Marcus Lee with associate Jirasin Watanatornpitak.