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Alvotech (NASDAQ: ALVO) is a global biopharmaceutical company specializing in the development and manufacturing of high-quality biosimilar medicines aimed at enhancing patient access to affordable treatments worldwide. Established in 2013, the company has committed itself to becoming a leader in biogenerics, focusing on the creation of cost-effective biosimilars that meet stringent quality standards. Alvotech operates through a fully integrated model, addressing every step from cell line development to commercial manufacturing.
Alvotech's headquarters in Reykjavik, Iceland hosts a state-of-the-art flexible manufacturing facility that underscores the company's commitment to high-quality and efficient production. The company's portfolio includes biosimilars for autoimmune disorders, eye conditions, osteoporosis, respiratory diseases, and cancer. Alvotech has successfully launched two biosimilars and is actively working on nine more candidates.
In recent developments, Alvotech announced positive top-line results for AVT05, a proposed biosimilar to Simponi® and Simponi Aria®, and has received FDA approval for AVT04, a biosimilar to Stelara®. The company is also advancing in its U.S. strategic partnership with Teva Pharmaceuticals for the high-concentration interchangeable biosimilar to Humira®, marketed under Quallent’s private label. Financially, Alvotech reported increased revenues of $37 million in Q1 2024 and strengthened its position with a strategic refinancing transaction led by GoldenTree Asset Management, enhancing its financial flexibility and reducing upcoming debt maturities.
Alvotech's global reach is bolstered by strategic commercial partnerships with renowned pharmaceutical companies like Teva, STADA Arzneimittel AG, Fuji Pharma Co., Ltd., and many others. These collaborations extend across the United States, Europe, Japan, China, and several other regions, leveraging local expertise to provide expansive market access.
For more information on Alvotech and to stay updated with the latest news, visit www.alvotech.com.
Alvotech, a global biotech company, will be participating in the BofA Securities Healthcare Conference 2024 in Las Vegas, NV on May 14-15, 2024. The company's management team will be engaging in one-on-one meetings with investors during the event.
Alvotech has entered into a U.S. commercialization agreement with Quallent Pharmaceuticals to manufacture a high-concentration interchangeable biosimilar to Humira® (adalimumab). This agreement is part of Alvotech's strategic partnership with Teva Pharmaceuticals for U.S. commercialization. The biosimilar will be distributed under Quallent's private label, aiming to provide eligible patients with a copay assistance program. The FDA approved Alvotech's biosimilar as the first high-concentration, citrate-free biosimilar to Humira® granted interchangeability status, with nearly 88% of U.S. adalimumab prescriptions for high-concentration presentations.
Alvotech and Teva's partnership has already yielded two approved critical biosimilars, with more in development. Alvotech focuses on development and manufacturing, while Teva handles U.S. commercialization. Teva expects to launch Alvotech's high concentration interchangeable biosimilar to Humira® imminently.
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