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Alvotech Locks In $65 Million for Biosimilar Development
With a sizeable round of fresh capital, Alvotech hopes to bring monoclonal antibodies and fusion proteins through the development pipeline.
Biopharmaceutical company Alvotech reported a $65 million investment in its parent company that will help to further ongoing development of biosimilar candidates. Alvotech is based in Reykjavik, Iceland, and its parent company is Alvotech Holdings.
The funds were raised among a number of new investors and existing shareholders and are part of a larger, $100 million fundraising goal; Alvotech said it expects to close on the remaining funds shortly.
“Through strategic commercial partnerships with many of the top global and regional pharmaceutical companies, Alvotech is well positioned to accelerate the introduction and adoption of new biosimilars for patients around the world,“ said Robert Wessman, founder and chairman of Alvotech.
Alvotech has a pipeline of biosimilar candidates that include monoclonal antibodies and fusion proteins for treatment of autoimmune diseases, cancer, and inflammatory conditions.
The new investors include Shinhan, Baxter, and Athos (Strüngmann Family Office). Alvogen and Aztiq Pharma continue as ongoing investors. The majority shareholder is Aztiq Pharma, and CVC Capital Partners and Temasek have “significant” stakes in the company, Alvotech said.
Decoding the Patent Puzzle: Navigating the Legal Landscape of Biosimilars
March 17th 2024On this episode of Not So Different, Ha Kung Wong, JD, an intellectual patent attorney and partner at Venable LLP, details the confusing landscape that is the US patent system and how it can be improved to help companies overcome barriers to biosimilar competition.
Patient Perceptions of Switching From the Reference Adalimumab to Amjevita During Its Initial Launch
April 20th 2024In a survey of patients with autoimmune arthritis who had been switched from reference adalimumab (Humira) to biosimilar adalimumab-atto (Amjevita; Amgen), most reported preferring the biosimilar and had no concerns about switching.
Biosimilars Rheumatology Roundup for February 2024—Podcast Edition
March 3rd 2024On this episode of Not So Different, The Center for Biosimilars® revisited all the major rheumatology biosimilar news from February 2024, including the FDA approval of the 10th adalimumab biosimilar, the promise for an oral delivery system for ustekinumab, and the impact of adalimumab products on COVID-19 antibodies.
Alvotech’s Stelara Biosimilar, Selarsdi, Receives FDA Approval
April 16th 2024Alvotech’s Selarsdi (ustekinumab-aekn), a biosimilar referencing Stelara (ustekinumab), gained FDA approval, making it the second ustekinumab biosimilar and second for the company to be given the green light for the American market.
