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A Powerful Investment Alliance of Aztiq and Innobic Acquires Alvogen Shares in Adalvo

10 May 2022
  • The Consortium jointly, through Aztiq II HoldCo, has acquired a 100% stake in Alvogen Emerging Markets Holdings Limited, thereby becoming the leading shareholder in Adalvo.
  • The Consortium’s collective industry experience, geographical reach, and commitment to sustainable development, creates a unique alliance of investors and leaders, with the financial strength to support the continuous development of the company.
  • Róbert Wessman, Chairman and CEO of Alvogen and Founder of Aztiq, continues as Chairman of the board of Adalvo.

Aztiq (a healthcare investor) founded by Alvogen CEO and Chairman Róbert Wessman, and Innobic (Asia) Company Limited, a wholly-owned Life Science arm of PTT Public Company Limited, have acquired a 100% stake in Alvogen Emerging Markets Holdings Limited (“AEMH”) and now become the owner of 100% shares in Alvogen Malta (Out-Licensing) Holding Ltd., the shareholder of Adalvo, a fast-growing global business to business (B2B) pharmaceutical company.

Adalvo was established in 2018 as a B2B business unit, focusing on global markets. In a short period of time, Adalvo has achieved remarkable growth, with over 500 transactions since its inception and a world class portfolio of over 90 differentiated products focusing on value added medicine and complex technologies. Adalvo is currently one of the fastest growing B2B pharmaceutical companies globally, serving its partners and patients in over 100 markets around the world. 

This transaction provides Adalvo with a compelling competitive advantage, allowing for the generation of further opportunities to drive significant growth and expansion, increased access to global markets and helps to create potential synergies resulting from future partnerships and collaborations. It further positions Adalvo on it journey to becoming a global leader in the B2B segment.

“We are very excited about our journey with Innobic. We expect it will enable and accelerate the growth and expansion of Adalvo, together with another portfolio company Lotus Pharma, to form a leading platform. That will solidify our leadership position. Furthermore, it will provide our customers with innovative value propositions as part of our effort to improve people's lives and health worldwide, which aligns with my passion," said Róbert Wessman,  Founder of AZTIQ/ Chairman of Adalvo and Lotus.

Anil Okay, General Manager of Adalvo, commented: “It is amazing to see Adalvo’s maturation in a short period of time. Adalvo is striving to be a leading B2B company in Europe by 2023. This transaction gives further confidence and acceleration to Adalvo’s growth ambitions and provides necessary resources for Adalvo’s continuous portfolio, platform and geographic expansions.”

Dr. Buranin Rattanasombat, Senior Executive Vice President, Innovation and New Ventures, PTT and Chairman of Innobic (Asia), commented: "Innobic is committed to explore and develop transformative therapies that improve access for patients in the Region. Though there are solid healthcare infrastructure and highly-skilled medical professionals in place, medicinal and pharmaceutical product was mostly imported. This collaboration will help upgrade pharmaceutical industry in region and provide opportunities to expand Adalvo’s market territories to ASEAN also."

Lotus – A leading global oncology pharmaceutical company (
Adalvo – Global B2B pharmaceutical company, serving its partners and patients in over 100 markets worldwide (
Alvotech – A global biosimilar company (
Alvogen US / Almatica – US generics (Gx) and Specialty Pharmaceutical company.  ( /

Established in 2009, Aztiq was founded on the principle that everyone should have the right to medicine, regardless of their financial means.  

Róbert Wessman, has led over 50 strategic acquisitions and partnerships and established operations in over 60 countries. Wessman, alongside his seasoned team in Aztiq, continues to successfully launch and scale both industry-leading generic pharmaceutical and biosimilar companies all over the world.

About Innobic
Innobic is a Thailand-based Life Science Platform with primary focus on South East Asia, while reaching global opportunities. Innobic is a wholly owned subsidiary of PTT Public Company Ltd, the state-owned enterprise and the largest company by market capitalization on the Thailand Stock Exchange.  Being a national energy provider as well as a multinational conglomerate, recently diversifies into new sectors, including Life Science, Renewables, and Electricity value chain. PTT currently has consolidated group revenues of over US$60 billion and market value of US$33 billion.

PTT established Innobic to become a leading Life Science Platform in ASEAN with a primary focus on Pharmaceuticals, Medical Technology and Nutrition businesses.