Aztiq, an Iceland-based healthcare investor headed by Alvogen founder and chairman Róbert Wessman, and Innobic (Asia) Company Limited, a life sciences subsidiary of Thailand industrial group PTT, announced on Friday that they have signed a definitive agreement to acquire a 100% share in in Alvogen Emerging Market Holdings Limited (AEMH) from its present shareholders.

The deal is valued at USD475m.

According to the partners, the deal is intended to create a powerful pharmaceuticals enterprise with global resources, networks and reach. Through the transaction, the consortium becomes the leading shareholder in the global oncology pharmaceutical company Lotus Pharmaceutical (Lotus, TWSE ticker: 1795), and the sole shareholder in Alvogen Malta Holding Ltd., the owner of the fast-growing global business to business (B2B) pharmaceutical company Adalvo.

Robert Wessman, Aztiq's founder and chairman, is to continue serving as chairman of the board of Lotus and Adalvo.