Alvotech falls after FDA declines to approve drug candidate

Alvotech SA

06/09/2022 13:01

** Alvotech  ALVO.O  shares fall 6.4% to $7.08 before the
bell
    ** Co on Monday said FDA on Monday U.S. FDA declined to
approve its anti-inflammatory drug candidate, AVT02, saying co
needs to resolve certain issues with its facility at Reykjavik
in Iceland  urn:newsml:reuters.com:*:nGNX605Yqy
    ** AVT02 is a biosimilar drug candidate of Abbvie's  ABBV.N 
Humira
    ** Co said it plans to resolve the issue before the FDA's
deadline for the decision in December
    ** Up to Friday's close, stock had lost ~23% YTD 

 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))