Today Alvotech and Teva announced that they have entered into an exclusive strategic partnership for the commercialization of five biosimilar candidates in the U.S. Under the partnership agreement, Alvotech will be responsible for the development, registration and supply of the biosimilars, and Teva will be exclusively commercializing the products in the U.S. The companies will share profit from the commercialization of the biosimilars. According to the companies’ press releases, the originator products of the biosimilar candidates currently generate about $35 billion in U.S. sales.
The Executive Vice President and Head of North America Commercial at Teva, Brendan O’Grady, stated: “This commercial partnership with Alvotech will enable Teva to lend its technical expertise in working with the FDA to bring products to the U.S. market while broadening its growing biosimilar portfolio and continuing to leverage its unique cross-functional expertise across both specialty and generic medicines.” Robert Wessman, Alvotech’s founder and Chairman said, “We are very proud to announce our strategic alliance with Teva – a leading global pharmaceutical company, to accelerate the introduction and adoption of new biosimilar medicines for patients in the U.S. market. This is not only a big moment for the biosimilar industry but also a very special moment for Alvotech, as we continue to join forces with leading global and regional partners around the world.“
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