Alvotech inks pact with Advanz Pharma to commercialize proposed biosimilar to Xolair in European Economic Area, UK, Switzerland, Canada, Australia, & New Zealand

Reykjavik, IcelandTuesday, February 7, 2023, 12:00 Hrs  [IST]

Alvotech, a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, announced that it has entered into an exclusive agreement with Advanz Pharma, for the commercialization of AVT23, a proposed biosimilar to Xolair (omalizumab). The agreement covers the European Economic Area, UK, Switzerland, Canada, Australia and New Zealand.

“We look forward to working with Advanz Pharma on the commercialization of this important therapy in respiratory disease,” said Anil Okay, chief commercial officer of Alvotech. “This agreement highlights our joint commitment to provide better patient access to more affordable biologics around the world.”

According to the agreement, Alvotech will be responsible for development and manufacture, while Advanz Pharma will handle registration and commercialization. The estimated market size of the reference product for the region included under this agreement is over US$ 1 billion, according to market data from IQVIA.

In February 2022, Alvotech announced an exclusive global licensing agreement with BiosanaPharma for the co-development of AVT23. Omalizumab is an antibody that targets free IgE and is used to treat patients with allergic asthma, chronic spontaneous urticaria (CSU) and nasal polyps. AVT23 is an investigational product and has not received regulatory approval in any country. Biosimilarity has not been established by regulatory authorities and is not claimed.

Alvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities.