Teva and Alvotech expand biosimilars collaboration
The US affiliate of Israel’s Teva Pharmaceutical Industries (NYSE: TEVA) and Icelandic firm Alvotech (Nasdaq: ALVO) have agreed to expand their existing strategic partnership agreement. Teva will also acquire subordinated convertible bonds to be issued by Alvotech.
The companies will continue working closely on matters concerning pending approval in the USA for AVT02, an interchangeable high-concentration biosimilar candidate for Humira (adalimumab), AbbVie’s mega blockbuster inflammatory drug. The existing strategic partnership agreement also includes four other biosimilar candidates, one of which is AVT04, a proposed biosimilar for Johnson & Johnson’s (NYSE: JNJ) Stelara (ustekinumab), which is now under review by the US Food and Drug Administration (FDA).
$40 million in convertible bonds
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