Nordic Completes $846m Takeover Of Advanz
Firm Plans ‘Considerable Investment In Our Organic And Inorganic Pipeline’
Nordic Capital has completed its takeover of Advanz Pharma, three years after the company’s transformation from its former identity of Concordia. The company is planning “considerable investment” following the deal.
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Last year was a year of significant executive changes in the off-patent industry, with numerous high-profile hires and departures from companies like Sandoz, Teva, Viatris, Hikma, Fresenius, Neuraxpharm and Stada.
Stada’s head of Europe, Steffen Wagner, is set to become the new CEO of Advanz early next year, while current CEO Graeme Duncan will step down and take a new role as special advisor to the board. Advanz is also appointing a new chief financial officer, with Merck Healthcare’s Andreas Stickler set to succeed Adeel Ahmad in January.
Advanz Pharma has immediately hit back at a decision announced by the UK’s competition regulator to impose fines of more than £100m over the firm’s historical pricing of liothyronine tablets.