BANGKOK : Thailand's state-owned oil firm PTT is set to expand further into pharmaceuticals as part of a consortium acquiring a unit of drugmaker Alvogen, the parent of Taiwan's Lotus Pharmaceutical, PTT said on Friday.
A consortium of PTT and Icelandic investment fund Aztiq have agreed a US$475 million purchase of Alvogen Emerging Markets Holdings Ltd, which holds a 57.48per cent stake in Lotus, according to Refinitiv Eikon.PTT said it will have a 37per cent indirect shareholding in Lotus - which makes drugs to treat cancer, cardiovascular disease and mental diseases - when the deal closes in the first quarter of 2022 and 60per cent of Adalvo.