PTT invests $658 million in a subsidiary to take over Alvogen US, a specialized pharmaceutical research and manufacturing business in the United States.

PTT, the flagship pharmaceutical company, has acquired a 65% stake in Alvogen US, a US-based pharmaceutical research and manufacturing company, for US$658 million.

PTT Public Company Limited (PTT) informed the Stock Exchange of Thailand that on September 23, 2025, the Board of Directors of Lotus Pharmaceutical Company Limited (Lotus), a company listed on the Taiwan Stock Exchange (TWSE) with Innobic (Asia) Co., Ltd. (INBA) (a wholly-owned subsidiary of PTT) as the major shareholder, approved the investment to acquire all shares of New Alvogen Group Holdings Inc. (Alvogen US) through Lotus US Financing S.à rl (a newly established company of Lotus) for an equity value of approximately US$658 million. This comprises approximately 65% ​​cash and debt from Lotus and the remainder from other sources of existing shareholders in Alvogen US.

Alvogen US is engaged in the research and development, manufacture and distribution of specialty pharmaceutical products in the United States.

This investment will provide Lotus with access to the US market, the largest in the global pharmaceutical market by market value, and will also strengthen Lotus's strengths in research, development, manufacturing, and sales. This aligns with PTT Group's strategy in the life sciences business, where it will support Lotus's pharmaceutical business growth through self-funding, while creating long-term benefits for PTT Group and Thai society.

This transaction is not a related party transaction and its size does not fall within the criteria for reporting information under the Acquisition and Disposal of Assets of Listed Companies. However, the reporting is for consistency with PTT's associated companies.

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