Adalvo Limited

Based in Malta, Adalvo Limited functions as a pharmaceutical company focused on the development and commercialization of innovative products aimed at addressing critical healthcare needs across Europe. Adalvo Limited was founded in 2020 and is headquartered in San Gwann, Malta. Adalvo originated as a B2B arm of Alvogen before rebranding in 2018 under the Aztiq group, founded by Róbert Wessman. In July 2025, EQT agreed to acquire an approximately 55% majority stake in Adalvo Limited from Aztiq.

Financial terms were not disclosed. As part of the deal, Aztiq, along with the current management, will reinvest in the business. The deal was completed in October 2025. Adalvo specializes in the development and commercialization of innovative pharmaceutical products designed to address various healthcare needs.

The company's core offerings include Azelastine/Fluticasone Nasal Spray and Cladribine Tablets, targeted at improving patient outcomes in allergy management and multiple sclerosis treatment, respectively. These products were strategically launched in key European markets, aimed at providing effective solutions for patients and healthcare providers alike. Adalvo’s customer base encompasses healthcare professionals, hospitals, and pharmacies, ensuring that their products reach end users who require reliable and effective treatment options. The company’s commitment to excellence is reflected in their purpose-driven culture which centers on enhancing the lives of patients globally through quality pharmaceutical solutions.

Adalvo generates revenue through direct sales of its pharmaceutical products to healthcare institutions, pharmacies, and possibly through partnerships with distributors in various markets. The transaction structure is characterized by B2B relationships where healthcare providers and pharmacies procure Adalvo's offerings based on demand and patient needs. The pricing model for Adalvo's products involves negotiated rates for bulk purchases or standard pricing for individual units sold to end users. Notably, the flagship product, Azelastine/Fluticasone Nasal Spray, represents a significant aspect of their revenue stream, catering to a broad market segment across Europe.

The company’s focus on strategic growth and partnerships, including the recent definitive agreement with EQT, positions it well for future revenue expansion as it continues to innovate within the pharmaceutical sector. In July 2025, EQT agreed to acquire an approximately 55% majority stake in Adalvo Limited from Aztiq. The financial terms were not disclosed. As part of the deal, Aztiq, along with the current management, will reinvest in the business.

This acquisition will allow Adalvo Limited to expand its services and strengthen its market presence. The company plans to utilize this acquisition to enhance its product offerings and explore new market opportunities.