The collaboration, announced in August, is one of the broadest partnerships within the U.S. biosimilar industry to date to accelerate improved patient access for high quality biosimilar medicines in the U.S. biosimilar industry.
Alvotech and Teva Pharmaceutical Industries have entered into an exclusive strategic partnership for the commercialization in the U.S. of five biosimilar product candidates. This strategic partnership combines Teva’s commercial presence and infrastructure in the U.S. market with Alvotech’s scientific experience and biologics manufacturing, states Alvotech. The initial pipeline contains biosimilar candidates addressing multiple therapeutic areas.
“We are very proud to announce our strategic alliance with Teva, to accelerate the introduction and adoption of new biosimilar medicines for patients in the U.S. market. This is not only a big moment for the biosimilar industry but also a very special moment for Alvotech, as we continue to join forces with leading global and regional partners around the world,” says Robert Wessman, Alvotech’s founder and Chairman.
Under this partnership agreement, Alvotech will be responsible for the development, registration and supply of the biosimilars, while Teva will be exclusively commercializing the products in the U.S. The originator products of these five candidates currently generate around $35 billion in U.S. sales. The agreement includes an upfront payment, with subsequent milestone payments over the next several years. Teva and Alvotech will share profit from the commercialization of the biosimilars. All other financial terms and product details remain confidential.
Alvotech was founded in 2013 by the Chairman, Robert Wessman. His initial strategy was to invest in the development and manufacture of a portfolio of biosimilar monoclonal antibodies and to build a state-of-the-art manufacturing facility in Reykjavik Iceland.
Photo of Robert Wessman: Alvotech