Aztiq Pharma Partners, an Iceland-based private equity company led by Alvogen founder and chairman Robert Wessman, and Innobic (Asia) Company Limited have completed the acquisition of a 100% stake in Alvogen Emerging Market Holdings Limited (AEMH) from its existing shareholders in a USD500m deal to form a pharma powerhouse with resources, networks and reach across the globe, it was reported on Tuesday.

With this deal, which is claimed to be one of the largest pharma transactions in the world this year, the consortium becomes the leading shareholder in the global oncology pharmaceutical company Lotus Pharmaceuticals (TWSE ticker: 1795), and the owner of 100% shares in Alvogen Malta Holding Ltd., the shareholder of global business to business (B2B) pharmaceutical company Adalvo.

AEMH was previously owned by Alvogen Lux Holdings Sarl. Key shareholders in Alvogen include CVC Capital Partners and Temasek Holdings of Singapore, as well as Aztiq. Alvogen will remain a leading shareholder in the generics pharmaceutical company Alvogen US, including specialty pharma company Almatica, as well as being the second largest shareholder in global biosimilar company Alvotech.

Robert Wessman has successfully grown private equity firm Aztiq from a small local business to a regional contender. Innobic is owned by the largest conglomerate in Thailand, PTT Group, and has built extensive commercial and business networks in the fast-growing ASEAN countries.