- Name change follows the recent merger of two of South Korea’s pharmaceutical companies
- Alvogen Korea will be among the leading players in the local market with strong international ties
Kunwha Pharmaceuticals, the subsidiary of Lotus in Korea, today announces that it will trade as Alvogen Korea from June 1, 2015. The decision follows the Company’s recent merger with Dream Pharma, a market leader in the Korean anti-obesity market. The name change will further strengthen international ties with Alvogen, the global pharmaceuticals company and Kunwha’s largest shareholder. Alvogen is a well-established global pharmaceutical brand name with commercial operations in 35 countries. ALVO means target or goal, it also means outstanding. The latter part, GEN, links us to the future generation.
In addition to the name change, Alvogen Korea will adopt a new corporate identity which is both modern and unique in the pharmaceutical field. It has been designed to capture a unified, progressive, collaborative and innovative organization and the yellow corporate color conveys vibrancy and energy.
“There were a number of compelling reasons to rebrand the combined company to Alvogen,” commented Renaat Janssen, Executive Vice President of Alvogen APAC and CEO of Lotus. “Following the successful merger of Dream and Kunwha we wanted to highlight the increased scale and enhanced capabilities of the group under one name. As well as being our largest shareholder, Alvogen is recognized globally as one of the fastest emerging pharmaceutical companies with a clear vision to become a top-10 global player and setting a new standard in our industry. What this means for our clients is that it’s “business as usual” with more combined and organized efforts, and we will of course continue to bring high quality medicines to market with the same level of excellence as before”.
A new website has been launched and all marketing material will be redesigned in the coming weeks. For more information regarding the new identity, please visit www.alvogenkorea.co.kr.
Alvogen Korea will continue to be listed on the Korean Stock exchange under the symbol NS002250.