Canada’s biggest drug firm Valeant Pharmaceuticals International Inc. on Wednesday formally announced its acquisition of a majority stake worth US$21 million in Việt Nam’s Euvipharm.
Andrew Howden, CEO of iNova as a member of Valeant Group that makes and supplies many kinds of drugs in the dermatology, nerve and infection areas, said the group chose Việt Nam as a highly potential market as Valeant was seeking to tap the Southeast Asian market.
He said his group had spent more than one year examining the local partner Euvipharm before making the deal.
Howden said that production workshops at Long An-based Euvipharm are equipped with modern technology enabling the Canadian group to research and manufacture high-quality drugs in the country.
Howden did not specify the exact stake the group now holds in Euvipharm, but said it was more than 50%.
By QUỐC HÙNG
Source: The Saigon Times Daily