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Taipei Times reports that Lotus Pharmaceuticals (OTCMKTS:LTUS) which makes and distributes oral and injection medicine, yesterday inked a cooperation deal with US-based drug maker Alvogen Group Inc, allowing Alvogen to acquire around 60 percent of its shares for US$200 million.
Taipei Times reports that Lotus Pharmaceuticals (OTCMKTS:LTUS) which makes and distributes oral and injection medicine, yesterday inked a cooperation deal with US-based drug maker Alvogen Group Inc, allowing Alvogen to acquire around 60 percent of its shares for US$200 million.
The deal has still to be approval by Lotus shareholders.
As quoted in the market news:
The Taiwan-based firm plans to sell up to 154.11 million shares at NT$39.5 per share to Alvogen through a private placement after the deal is approved by its shareholders.
Lotus Pharmaceutical plans to use the proceeds to finance research and development and set up international retail chains, especially in the US, the company said.