Alvotech today announced it is entering into a joint venture with Changchun High & New Technology Industries Group Inc (“CCHN”) which will enable Alvotech to develop, manufacture and commercialize its biosimilar portfolio in China.
- A new state-of-the-art biologics facility built in China
- Alvotech gains access to second largest pharmaceutical market in the world with jointly owned facility
Alvotech today announced it is entering into a joint venture with Changchun High & New Technology Industries Group Inc (“CCHN”) which will enable Alvotech to develop, manufacture and commercialize its biosimilar portfolio in China.
This collaboration aligns the interests and strengths of Alvotech and CCHN, where a new state-of-the-art biologics drugs manufacturing facility will be built in Changchun, China. Under the terms of the agreement, CCHN will fund the joint venture with US$100 million while Alvotech will contribute additional capital and six drug market authorizations for its monoclonal antibodies, used in advanced therapy of cancer and autoimmune diseases, valued at US$100 million. The construction of a jointly-owned facility is expected to start as early as in the first half of 2019.
Robert Wessman, Alvotech’s founder said:
Rasmus Rojkjaer, Alvotech’s Chief Executive Officer added:
CCHN General Manager An Jixiang said:
About CCHN
CCHN is a public company listed on Shenzhen Stock Exchange for 22 years in China. CCHN adheres to the principle of biopharmaceuticals and hopes to be refined, big and strong within the field. CCHN are experienced in the incubation and cultivation of international advanced technologies and is committed to becoming the leader in the field of biopharmaceuticals in China and realizing internationalization.