Teva, Alvotech Announce Expanded Strategic Partnership For Biosimilars

(RTTNews) - Teva Pharmaceutical Industries Ltd. (TEVA) announced on Monday that it has agreed with Alvotech (ALVO) to expand its existing strategic partnership agreement for undisclosed financial terms.

The expansion pertains to exclusive commercialization in the U.S. 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.

Teva, the generic and innovative medicines provider said it will also acquire subordinated convertible bonds to be issued by Alvotech, specializing in biosimilar medicines.

Teva and Alvotech will continue working on the pending approval in the U.S. for AVT02, an interchangeable high-concentration biosimilar candidate for Humira. The partnership agreement will also cover four other biosimilar candidates, including AVT04, a proposed biosimilar for Stelara. Teva said it is actively supporting Alvotech on-site in Iceland to be fully ready for an FDA inspection.The agreement includes sales and other milestone payments.

The companies will share profit from the commercialization of the biosimilars.