Lotus Pharmaceutical Co., Ltd (“Lotus” or “the Company”, Taiwan OTC ticker: 1795) announced today that Chairman Charles Lin has informed the Company’s Board of Directors that he is retiring. The Board has elected Andrew Lin, the new Alvogen Asia Pacific Holdings Limited juristic representative Director, to succeed him as Chairman. Charles Lin will continue to serve as strategy consultant for Lotus. Andrew Lin’s appointment as Chairman is effective as of December 19, 2016.
Andrew Lin said: “Charles Lin has dedicated his professional life to the pharmaceutical industry in Taiwan and to Lotus, leading the company through a period of successful growth since its foundation more than 40 years ago. From a small operational base in Taiwan, Lotus has become a well-integrated regional player with strong potential for future expansion. I’m excited to join Lotus at its key growth phase.”
“I am grateful for the opportunity to have led Lotus,” Charles Lin said. Since the completion of Alvogen’s private placement in Lotus in Aug 2014, Alvogen has become the majority shareholder of Lotus for 2 years. Currently, Lotus business covers Taiwan and Korea domestic markets, export business, and CRO business based in India. Charles further commented, “Alvogen is deeply committed to the acquisition and together we have made great progress in business expansion and resource integration which has led to solid operational improvements. It has been a great journey. While I have been focused on leading the Company, I have decided to step aside. I am very optimistic about the future because of our talented team and a clear vision for value creation. I know no better individual to lead the Board than Andrew Lin, who will work closely with Jefferson Wang (GM of Lotus) and Petar Vazharov (EVP of Alvogen APAC), both of whom have deep industry experience and solid track records.”
With the Alvogen-appointed professional management taking over, Robert Wessman, the Chairman and CEO of Alvogen Group, said that this is a new chapter post structural consolidation. “I would like to thank Charles Lin for his dedication on behalf of Alvogen Group. This is also a strong indication that Lotus and Alovgen will continue to pursue business opportunities in the region while Alvogen leads operation and strategy. We have aggressive plans for Lotus.”
Andrew Lin is one of the very few management professionals who owns extensive experience in sellside, buyside, corporate and consulting. He is very familiar with capital markets as prior to joining Lotus, Andrew was the General Manager of JP Morgan Securities, Chief Investment Officer of ABN AMRO Asset Management, and Managing Director of Macquarie Capital Greater China. Andrew has initiated and conducted several large scale IPO, M&A and fund raising cases when he was with the financial giants. On the business strategy side, Andrew served as the Chief Finance Officer of Lite-On Technology and Chief Strategy Officer of Chicony Electronics. He has been known for sound financial structure optimization and market cap expansion when he was with corporates. Lotus believes that Andrew is the best Chairman candidate as the Company transforms from a local generics leader to a regional powerhouse.