Alvotech, a powerful new player in the field of biopharmaceuticals, today announced plans to invest $250 million in the development and manufacturing of a portfolio of biosimilar monoclonal antibodies.
- A powerful new player in the field of biopharmaceuticals
- Portfolio of biosimilar products to be marketed by sister company, Alvogen
Reykjavik, Iceland – December 5, 2013 – Alvotech, a powerful new player in the field of biopharmaceuticals, today announced plans to invest $250 million in the development and manufacturing of a portfolio of biosimilar monoclonal antibodies. Alvotech’s current biosimilar assets include follow-on versions of leading monoclonal antibodies molecules, which will be brought to market by 2018.
Headquartered in Reykjavik, Iceland, Alvotech is an independent sister company of the multinational pharmaceuticals company, Alvogen. 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, CEO 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.”
Alvotech broke ground in November, 2013 on a new 11,800sqm development and manufacturing facility, where it will produce its own developed biosimilars, the first of which are already in advanced development stage (molecule names undisclosed). Located in the science park of the University of Iceland in Reykjavik, the site will provide Alvotech with a state-of-the-art, fully vertically integrated biologics manufacturing plant. Iceland offers a favorable environment with a strong regulatory system, low operating costs, a great talent pool, high quality standards and a convenient geographical location between the EU and US that is within easy reach of the rest of the world.
“Many of the world’s top-selling drugs are biologics, and exposure to biopharmaceuticals has become an important growth engine for Alvogen. The alliance with Alvotech will allow us to leverage our global commercial network in over 30 countries and is an important step for both companies towards becoming leaders in the biopharmaceutical industry. The partnership is a valuable addition to our current biosimilar business,” said Robert Wessman, Chairman and CEO of Alvogen.
Dr. Andreas Herrmann leads the Alvotech management team and brings 25 years of industry experience. Prior to joining Alvotech, Dr. Herrmann served as the CEO of Baliopharm AG and Celonic in Switzerland. In 1994, he received his PhD in biochemistry in neurobiology and joined the University of Cologne as an associate professor in the department of cardiovascular physiology. Since 1996, he has been the co-founder and CEO of four biotechnology companies.
Alvogen is a multinational, privately-owned pharmaceuticals company, focused on developing, manufacturing and distributing generic, brand, over-the-counter brands (OTC) and biosimilar products. With more than 200 pharmaceutical projects in development and registration, the group’s product portfolio consists of a broad range of leading molecules for the treatment of conditions in the fields of oncology, cardiology, respiratory, neurology and gastroenterology. Alvogen has commercial operations in over 30 countries with 1,900 employees. North America is Alvogen’s single largest market and other key markets include: South-Korea, Romania, Bulgaria, Hungary, Russia and China. Alvogen welcomes inquiries regarding partnering opportunities in the biologics arena. Connect with Alvogen on www.alvogen.com.
Biosimilar global market backdrop
Biosimilar or follow-on biologics are terms used to describe the therapeutics that are highly similar to innovator biopharmaceutical products. Reference and comparison to the innovator product is an integral component of the approval process. By the year 2020, over $100 billion of biologic products are expected to lose patent protection and many large monoclonal antibodies are coming off patent globally after 2018. Many of these products are among the highest selling drugs in the world today. Biologics are considered to be a major factor in rising healthcare costs - leading to intense interest in biosimilars.