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Singapore's Temasek, CVC agree $2b deal for US generic drug firm

  • Holden Mann
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Singapore's Temasek Holdings is a member of a CVC Capital Partners-led consortium that has agreed to buy a controlling stake in US-based generic drug manufacturer Alvogen. The deal is said to value the company at $2 billion.

The consortium, which also includes US investor Vatera Healthcare Partners, purchased the stake from existing investor Pamplona Capital Management for an undisclosed amount. Pamplona will retain a small stake following the sale, according to a release. The firm bought its holding from founder and CEO Robert Wessman last year. Wessman will also retain a "significant" stake.

Alvogen was founded in 2009 in New Jersey. Currently the company produces 350 pharmaceutical products and has over 200 more in development. It does business in 35 countries, with regional offices in North America, Eastern Europe and the Asia-Pacific region.

Temasek has made a number of investments in the pharmaceutical sector, many of them in India. The firm committed INR9.45 billion ($151 million) earlier this year to Glenmark Pharma. Around the same time it joined Goldman Sachs and GIC Special Investments to pay INR78.1 billion for a 3% stake in Sun Pharmaceutical.

CVC's pharmaceutical investments include a stake in China's Jintian Pharma, which it bought for $84.1 million in 2011. It part exited its holding last year for $80 million, but retains a 13.1% stake in the company.

 

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