Biopharmaceutical company Alvotech and global pharmaceutical company STADA Arzneimittel AG (“STADA”) today announced that they have entered into an exclusive strategic partnership for the commercialisation of seven biosimilars in all key European markets and selected markets outside Europe. The initial pipeline contains biosimilar candidates aimed at treating autoimmunity, oncology and inflammatory conditions as well as ophthalmology for patients around the world.
Under this partnership agreement, Alvotech will be responsible for the development, registration and supply of the biosimilars within the EU. STADA will be exclusively commercialising the products in the majority of the key European markets. The originator products of the seven biosimilars currently generate US$50 billion in sales globally. The agreement includes an upfront payment with subsequent milestone payments over the next four years. The financial details of the transaction are not disclosed.
Robert Wessman, Alvotech’s founder and Chairman added: “This is an important moment for biosimilars. This partnership has the resources and vision to accelerate the introduction and adoption of new biosimilars for patients in Europe who will get better access to high-quality products. It’s also another important milestone for Alvotech and crowns an exceptional year where we have continued to extend our network of partners around the globe.”
“We’re delighted to establish this latest partnership with STADA, who is an ideal commercial partner in Europe and shares the same purpose of improving the quality of life of patients around the world,” added Mark Levick CEO of Alvotech.
Peter Goldschmidt, Chairman of the Executive Board/CEO of STADA said: “The collaboration with Alvotech, with its highly experienced and fully committed team, is a great opportunity to accelerate the expansion of our biosimilar portfolio and to strengthen our market position in this segment. We are looking forward to providing patients with state-of-the-art medicine and cost- effective alternatives to biologicals.”