Alvotech Invests $250 Million in Biopharmaceuticals

REYKJAVIK, Iceland--(BUSINESS WIRE)--
Alvotech, a powerful new player in the field of biopharmaceuticals,
today announced plans to invest $250 million in the development and
manufacturing of a portfolio of biosimilar monoclonal antibodies.
Alvotech’s current biosimilar assets include follow-on versions of
leading monoclonal antibodies molecules, which will be brought to market
by 2018.

Headquartered in Reykjavik, Iceland, Alvotech is an independent sister
company of the multinational pharmaceuticals company, Alvogen. 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.

“At Alvotech we are inspired to help patients around the world by
increasing the accessibility and affordability of high quality
biopharmaceuticals,”
“By combining Alvotech’s development and manufacturing excellence with
Alvogen’s global marketing platform, we are taking a significant step
toward becoming a major player in the biopharmaceutical industry and
bringing valuable investment to support our growth.”

Alvotech broke ground in November, 2013 on a new 11,800sqm development
and manufacturing facility, where it will produce its own developed
biosimilars, the first of which are already in advanced development
stage (molecule names undisclosed). Located in the science park of the
University of Iceland in Reykjavik, the site will provide Alvotech with
a state of the art, fully vertically integrated biologics manufacturing
plant. Iceland is a favorable location offering a strong regulatory
system, low operating costs, a great talent pool, high quality standards
and a convenient geographical location between the EU and US that is
within easy reach of the rest of the world.

“Many of the world’s top-selling drugs are biologics, and exposure to
biopharmaceuticals has become an important growth engine for Alvogen.
The alliance with Alvotech will allow us to leverage our global
commercial network in over 30 countries and is an important step for
both companies towards becoming leaders in the biopharmaceutical
industry. The partnership is a valuable addition to our current
biosimilar business,”

Dr. Andreas Herrmann leads the Alvotech management team and brings 25
years of industry experience. Prior to joining Alvotech, Dr. Herrmann
served as the CEO of Baliopharm AG and Celonic in Switzerland. In 1994,
he received his PhD in biochemistry in neurobiology and joined the
University of Cologne as an associate professor in the department of
cardiovascular physiology. Since 1996, he has been the co-founder and
CEO of four biotechnology companies.

Alvotech is a powerful new player in the field of biopharmaceuticals,
where current portfolio assets include biosimilar versions of leading
monoclonal antibodies molecules. Alvotech is proud to offer its
biologics manufacturing capabilities to its partners and to cooperate in
the commercialization of its own developed biosimilar pipeline. Its
state of the art manufacturing facilities, contract manufacturing for
biologics, and in-house clinical capabilities are just a few of the many
reasons why Alvotech is the partner of excellence for biosimilar
initiatives. Alvotech’s development and manufacturing center will open
in early 2016. Alvotech is open for partnerships and licenses for its
current biosimilar assets worldwide. Learn more about Alvotech at www.alvotech.is
and connect with the business development team at collaboration@alvotech.is

Alvogen is a multinational, privately-owned pharmaceuticals company,
focused on developing, manufacturing and distributing generic, brand,
over-the-counter brands (OTC) and biosimilar products. With more than
200 pharmaceutical projects in development and registration, the group’s
product portfolio consists of a broad range of leading molecules for the
treatment of conditions in the fields of oncology, cardiology,
respiratory, neurology and gastroenterology. Alvogen has commercial
operations in over 30 countries with 1,900 employees. North America is
Alvogen’s single largest market and other key markets include:
South-Korea, Romania, Bulgaria, Hungary, Russia and China. Alvogen
welcomes inquiries regarding partnering opportunities in the biologics
arena. Connect with Alvogen on www.alvogen.com.

Biosimilar or follow-on biologics are terms used to describe the
therapeutics that are highly similar to innovator biopharmaceutical
products. Reference and comparison to the innovator product is an
integral component of the approval process. By the year 2020, over $100
billion of biologic products are expected to lose patent protection and
many large monoclonal antibodies are coming off patent globally after
2018. Many of these products are among the highest selling drugs in the
world today. Biologics are considered to be a major factor in rising
healthcare costs - leading to intense interest in biosimilars.

AlvotechCEO+354-842-2956, Andreas.herrmann@alvotech.isorVice President, Global Communications & Media
Relations+354-522-2928, halldor.kristmannsson@alvogen.com

Source: Alvotech