Alvotech near one-month high on EU backing for Stelara biosimilar

Alvotech SA

10/11/2023 19:25

** Drugmaker Alvotech's shares  ALVO.O  rise as much as 7.4%
to near one-month high of $9.33, last up 1.9%
    ** Company and partner Stada say European Medicines Agency's
committee recommended approval for their drug Uzpruvo
    ** Uzpruvo is a biosimilar version of Johnson & Johnson's
 JNJ.N  blockbuster psoriasis drug Stelara
    ** Authorization for Uzpruvo would be valid for Crohn's
disease, psoriasis and psoriatic arthritis, Alvotech says
    ** Market for Stelara and its biosimilars in EU is about 2.5
bln euros, according to company
    ** More than 93,781 shares change hands, more than 10x their
25-day moving avg - LSEG
    ** 2 of 6 brokerages rate the stock "buy" or higher, 4
"hold"; median PT $10
    ** Including session's gain, stock down 9.6% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com))