Alvotech and partner Teva slip as FDA snubs RA drug

Alvotech SA

14/04/2023 15:17

(Updates stock movement, adds milestone and volume)
    ** Shares of drug developer Alvotech  ALVO.O  fall nearly
20% to $10.97, an over three-month low
    ** U.S. FDA issues complete response letter to Alvotech for
its drug, a biosimilar to AbbVie's  ABBV.N  rheumatoid arthritis
(RA) drug Humira
    ** U.S.-listed shares of ALVO partner Teva Pharmaceutical
Industries Ltd  TEVA.N  fall 8.4% to $8.48
    ** FDA declined approval based on deficiencies noted at the
manufacturing facility in Reykjavik that had been conveyed to
the company last month
     ** Alvotech said it has provided the FDA comprehensive
responses to the inspection observations and is awaiting
communication from the agency 
        ** More than 1.1 mln ALVO shares changed hands, 12.4
times the monthly average trading volume
  
    ** Up to last close, U.S.-listed shares of Teva had risen
1.54% this year

 (Reporting by Ashwini Raj and Nandhini Srinivasan in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))