As part of the agreement, Alvogen and Par have entered into a multi-year agreement for the development of several high-value, first-to-file generic product opportunities.
- Alvogen ́s internal R&D capabilities strengthened to build on strong generics pipeline -
New Jersey, October 22, 2009. Alvogen Group (“Alvogen”), the New Jersey-based generic pharmaceutical company, today announces that it has acquired research and development capabilities from Par Pharmaceutical (“Par”).
As part of the agreement, Alvogen and Par have entered into a multi-year agreement for the development of several high-value, first-to-file generic product opportunities.
The acquisition provides Alvogen with internal research and development capabilities for the development of important new generic drugs. It also enables the Company to develop many additional products internally, and adds to the rapidly growing product pipeline of over 40 products. Alvogen’s internal product development capabilities will mainly focus on the development of difficult to replicate generic drugs with high barriers to entry.
With a current pipeline of over 40 solid dose, controlled release and transdermal patch products for the US market, Alvogen’s initial pipeline will target branded products with annual sales in excess of US$17 billion. Alvogen has full-service Rx production capabilities in a state-of-the-art 8 billion tablet, 375,000 square feet facility with an exceptional reputation for quality, located in Norwich, NY
Commenting on the transaction, Doug Drysdale, Chief Executive Officer of Alvogen said: “We are excited to be rapidly moving to this next level of capability. The expansion of our internal product development to pursue high-value first-to-file opportunities builds on our strong existing pipeline of complex generic products. We have built an excellent working relationship with the team at Par and are looking forward to collaborating on these high-potential projects.”
Alvogen is a generic pharmaceutical company, built on a strong foundation that includes Norwich Pharmaceuticals. With more than 100 years in operation, the company has become a successful, full-service pharmaceutical manufacturer of Rx and OTC products for U.S., E.U. and international markets with an unsurpassed regulatory compliance history. Designed to overcome the current challenges of the global generic pharmaceutical industry the company is focused on complex generic products, with a platform of first-class development and manufacturing. With a strong commitment of capital to date, Alvogen is building the next-generation generics company through the strategic selection of products, partners and markets, and the utilization of a consolidated global supply chain. The company’s vision is to build a leaner and more flexible multinational operation that overcomes the challenges of the traditional generics business model. Alvogen’s growth strategy is based on four pillars: strong strategically selected product pipeline; selected high-growth, high-potential markets; a lean supply chain; and the provision of a broad range of outsourcing services to third parties.