Alvotech invests $250 million in biopharmaceuticals

Alvotech, an independent sister company of Privately-held US generics firm Alvogen, a new player in the field of biopharmaceuticals, has announced plans to invest $250 million in the development and manufacturing of a portfolio of biosimilar monoclonal antibodies.

Alvotech's current biosimilar assets include follow-on versions of leading monoclonal antibodies molecules, which will be brought to market by 2018. Through the Alvotech-Alvogen alliance, Alvogen will add key pipeline molecules to its existing biosimilar business. Alvogen currently markets biosimilars in selected regions through alliances with other firms including Hospira and has several pending marketing authorizations worldwide.

"Many of the world's top-selling drugs are biologics, and exposure to biopharmaceuticals has become an important growth engine for Alvogen. The alliance with Alvotech will allow us to leverage our global commercial network in over 30 countries and is an important step for both companies towards becoming leaders in the biopharmaceutical industry. The partnership is a valuable addition to our current biosimilar business," said Robert Wessman, chairman and chief executive of Alvogen.