Lotus Pharmaceutical Co., Ltd (“Lotus” or “the Company”, Taiwan OTC ticker: 1795) resolved through its board meeting last night several management appointments as it enters management team integration with Alvogen. Effective immediately, Lotus Vice Chairman Petar Vazharov is appointed General Manager of the Company as he continues to lead the APAC team and build a top 5 pharma in the region. Other appointments include Country Manager Stanley Gu and Strategies and Finance Vice President Bjartur Shen.
The Company said that both Petar Vazharov and Bjartur Shen are the among the founding members of Alvogen. They moved to Taiwan in 2016 after the merge and consolidation to expand regional presence of the group. Petar Vazharov has over 15 years of generics experiences and a medical doctor’s degree from Sofia University of Medicine. He was with Actavis before 2009. When he led the Alvogen Central and Eastern Europe team, entity EBITDA between 2013 – 2015 grew at an impressive 75% CAGR.
Lotus Chairman Andrew Lin said, “Alvogen’s investments in Lotus has positioned us well to capture several transformative growth opportunities in the near future. We believe Stanley will do very well with his extensive experiences from ChungHwa Yuming Healthcare, Arich Enterprise and Sandoz Taiwan in generics product strategies for local market.” When commenting on his latest responsibilities, the new General Manager of Lotus group, Petar Vazharov, said, “APAC is a challenging yet exciting market to maneuver in, and Alvogen is more than a strategic investor to Lotus in this. We are comrades. I’m proud to have been with Lotus for 2 years and I believe we will see fruitful results in Taiwan, Korea, South East Asia and China in the coming years. I will continue to work closely with my old friend Bjartur, and we both aim to create shareholder value for Lotus while bringing affordable medical resources to the region.”