Alvogen, an international, privately owned pharmaceuticals company, has acquired Dream Pharma of South Korea for $187 million in cash. Dream will be acquired through Alvogen’s Asian subsidiaries and, on completion, the combination will create one of the largest generic pharmaceutical companies in South Korea.

The acquisition of Dream will significantly strengthen Alvogen’s existing business in South Korea, adding a complementary portfolio of over 100 products. The transaction is subject to regulatory approval and closing is expected in the fourth quarter.