Alvotech fundraises $300m to bolster biosimilar development
The company’s current product pipeline consists of six biosimilar monoclonal antibodies for the treatment of cancer, autoimmune diseases, and inflammatory diseases.
In a statement, Robert Wessmen, founder of Alvotech said that the $300m (€263m) financing transaction will help fund the company’s plans for future growth – securing the financing of biosimilar development, and clinical studies.
He further said that results of this development will “bring significant potential for healthcare providers around the world to drive healthcare savings and expand patient access to high-quality biosimilars.”
Biosimilar production and development will occur at the company’s new manufacturing facility in Reykjavik, Iceland. The facility was a $250m investment by the company in 2013.
Alvotech stated that it has worked to develop itself into a fully integrated biopharmaceutical company with capabilities in cell line development of biosimilars, manufacturing, clinical development, and registrations.
Aside from the recent fundraising efforts of Alvotech, Japan-based Fuji Pharma will acquire 4.2% equity in the company as of January 2019.
This equity acquisition came after the two companies entered a partnership agreement to further expand Alvotech’s presence in the Asia-Pacific region. Through this partnership, Alvotech will be able to commercialize its biosimilar pipeline in Japan.
Additionally, in September 2018, Alvotech entered a joint-venture agreement with Changchun High & New Technology Industries – the arrangement was valued at $200m. The collaboration will see the creation of a biologics drugs manufacturing facility in Changchun, China.