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Updated deal will cover exclusive US commercialization for several of Alvotech’s biosimilars.
Teva Pharmaceuticals and Alvotech have agreed to expand their existing strategic partnership agreement. Teva will also receive subordinated convertible bonds to be issued by Alvotech for $40 million.
The parties continue working closely on matters concerning pending approval in the US for AVT02, an interchangeable high-concentration biosimilar candidate for Humira (adalimumab). The existing strategic partnership agreement also includes four other biosimilar candidates, one of which is AVT04, a proposed biosimilar for Stelara (ustekinumab), which is currently pending FDA approval.
The expansion to the existing strategic partnership agreement surrounds exclusive commercialization in the US by Teva of two new biosimilar candidates and line extensions of two current biosimilar candidates in the partnership, to be developed, and manufactured by Alvotech. The agreement includes milestone payments, the majority paid following product approvals and upon achieving significant sales milestones. Teva and Alvotech will share profit from the commercialization of the biosimilars. All other financial terms and product details remain confidential.
“We welcome Teva’s continued partnership and this expansion of our partnership agreement,” says Robert Wessman, chairman and CEO of Alvotech. “We remain focused on preparing for a successful pre-approval inspection and resolving any outstanding issues identified by the FDA to be able to bring our biosimilar candidates to patients in the US with Teva as soon as possible.”