Alvotech announced today that Abu Dhabi-based investment company, Yas Holding, has acquired a 2.5% stake in their business and signed an agreement for the exclusive partnership and supply of three Alvotech biosimilar candidates, which Yas Holding’s will commercialize in the MENA region. The total partnership value, including the purchase of new shares, an upfront license payment, along with subsequent milestone payments is estimated to be around $45 million.
Robert Wessman, founder of Alvotech, said:
This investment from Yas Holding’s represents the second new investor coming on board during the past 12 months. Alvotech and Fuji Pharma announced in November 2018 that Fuji Pharma would invest approximately $50 million for a 4.2% stake in the business and also announced In February 2019, that they had agreed with Fuji Pharma exclusive rights to commercialize Alvotech’s biosimilar ustekinumab (biosimilar to Stelara®) in Japan. This global commercialization has today been extended with Yas Holdings purchase of new shares in Alvotech and commercializing three biosimilars in the MENA region.
Murshed Al Redaini, Group Chief Executive Officer of Yas Holding, added:
Alvotech‘s initial pipeline contains seven biosimilar monoclonal antibodies and fusion proteins aimed at treating severe immune and inflammatory conditions. The biosimilars will improve both access and the quality of life for patients around the world. Alvotech’s fully vertically integrated platform can support new products each year which will create a substantial portfolio of high quality, high value products.
Aztiq Pharma, led by Robert Wessman (Alvotech‘s founder) is a majority shareholder of Alvotech, while other shareholders are sister company Alvogen, Fuji Pharma and now Yas Holding.
About Yas Holding
Yas Holding is a business development and investment company based in Abu Dhabi in the United Arab Emirates. Active in sectors as diverse as technology, agriculture, healthcare, education and aviation, their breadth of scope is underpinned and strengthened by their commitment to the provision of high value, high quality products and services.
Yas Holding is agile investment group with a steadfast commitment to partnership and business excellence, with a driving mission to invest in people, technology and diverse industries, to create value for their shareholders and their customers.