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REGIONAL MANAGEMENT CHANGES TO ACCELERATE APAC STRATEGY

Posted on 13.1.2016

Lotus Pharmaceutical Co., Ltd (“Lotus” or “the Company”, Taiwan OTC stock code: 1795) today announced Renaat Janssen, CEO and General Manager of the Company, is invited by Alvogen Group, the majority shareholder of Lotus, to act as Executive Chairman of the Board of Alvogen APAC to accelerate the delivery of the growth strategy in the APAC region together with a strengthened leadership team constituted by a number of newly appointed executives.

Since the strategic partnership through the completion of Alvogen’s private placement in Lotus in 2014, the Group has successfully integrated three strategic acquisition in Korea and Taiwan, made significant investments in local manufacturing and developed a growing pipeline of products. As a regional hub for Alvogen’s global footprints, Lotus stands a critical tactic position for the APAC markets and will become even stronger with full supports led by these proven leaders.

Effective from January 20th, 2016, the following changes will be made to the leadership team in the APAC region:

  • Renaat Janssen, currently Executive Vice President of Alvogen APAC and Chief Executive Officer and General Manager of Lotus, will become Executive Chairman of the Board of Alvogen APAC. In this new role, Renaat will continue to support the ambitious growth plans of the region focusing on the overall strategy, specific growth targets and acquisitions.
  • Petar Vazharov, currently Executive Vice President of Alvogen CEE, will become Executive Vice President of Alvogen APAC, responsible for executing the growth strategy across the APAC market. Petar joined Alvogen in 2009, after 9 years with the generic pharmaceutical company Actavis Group in various roles, and has demonstrated his ability to lead the CEE business by delivering 75% CAGR of EBITDA during 2013 to 2015.
  • Siegfried Gschliesser, currently Vice President of Mergers & Acquisitions, will become Chief Executive Officer and General Manager of Lotus, running the daily operations and supporting the execution of regional expansion plans.
  • Commenting on the management changes, Charles Lin, Chairman of Lotus, said:
  • “We would like to take this opportunity to thank Renaat for helping us to build solid foundations and an excellent regional platform. Within such a short period of time, we have established a strong platform for growth in Asia and have a clear ambition to become a top 5 regional player. I am delighted that we will continue to benefit from Renaat’s regional expertise as he takes on the role of Executive Chairman of Alvogen APAC.

We are also glad to have Petar joining the APAC leadership team to accelerate the positive momentum which Renaat has developed. Petar has all the right skills and experience and brings strong leadership capabilities and insight that will be invaluable as we work to deliver our long term growth objectives in the APAC region. I am confident that Petar, together with Siegfried, will lead the team to unparalleled success.”