Alvotech, a pharmaceutical company based in Reykjavik, Iceland, reports plans to invest $250 million to develop and manufacture biosimilar assets that include follow-on versions of monoclonal antibodies molecules, which will be brought to market by 2018.
Alvotech is an independent sister company of the multinational pharmaceuticals company, Alvogen, a multinational, privately owned pharmaceuticals company, focused on developing, manufacturing, and distributing generic, brand, over-the-counter brands (OTC), and biosimilar products. 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.
Alvotech broke ground in November 2013 on a new 11,800-m2 development and manufacturing facility, where it will produce its own developed biosimilars, the first of which are already in advanced development stage. The site will provide Alvotech with a fully vertically integrated biologics manufacturing plant.