Alvotech Locks In $65 Million for Biosimilar Development

Biopharmaceutical company Alvotech reported a $65 million investment in its parent company that will help to further ongoing development of biosimilar candidates. Alvotech is based in Reykjavik, Iceland, and its parent company is Alvotech Holdings.

The funds were raised among a number of new investors and existing shareholders and are part of a larger, $100 million fundraising goal; Alvotech said it expects to close on the remaining funds shortly.

“Through strategic commercial partnerships with many of the top global and regional pharmaceutical companies, Alvotech is well positioned to accelerate the introduction and adoption of new biosimilars for patients around the world,“ said Robert Wessman, founder and chairman of Alvotech.

Alvotech has a pipeline of biosimilar candidates that include monoclonal antibodies and fusion proteins for treatment of autoimmune diseases, cancer, and inflammatory conditions.

The new investors include Shinhan, Baxter, and Athos (Strüngmann Family Office). Alvogen and Aztiq Pharma continue as ongoing investors. The majority shareholder is Aztiq Pharma, and CVC Capital Partners and Temasek have “significant” stakes in the company, Alvotech said.