Alvotech plans to invest $250 million in the development and manufacture of a portfolio of biosimilar monoclonal antibodies. Alvotech began construction of a new 11,800-square-meter development and manufacturing facility, where it will produce its own developed biosimilars. Alvotech's current biosimilar assets include undisclosed follow-on versions of leading monoclonal antibodies, which are expected to launch by 2018.
Alvotech, based Reykjavik, Iceland, is a sister company of the multinational pharmaceutical company, Alvogen, which also owns Norwich Pharma Services . 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.
“At Alvotech we are inspired to help patients around the world by increasing the accessibility and affordability of high quality biopharmaceuticals,” said Dr. Andreas Herrmann, chief executive officer of Alvotech, “By combining Alvotech's development and manufacturing excellence with Alvogen's global marketing platform, we are taking a significant step toward becoming a major player in the biopharmaceutical industry and bringing valuable investment to support our growth.”