Alvotech rises on deal with Dr Reddy's on biosimilar to Amgen's bone drugs

Alvotech SA

21/05/2024 18:14

** Alvotech's  ALVO.O  shares rise 2.2% to $13.80
    ** Co says it has entered into an agreement with Dr. Reddy's
Laboratories  REDY.NS  to commercialize a biosimilar to Amgen's
 AMGN.O  bone disease drugs Prolia and Xgeva
    ** The deal includes an upfront payment to ALVO with
additional payments upon meeting certain milestones
    ** REDY will get exclusive commercialization rights for the
drug AVT03 in the U.S. and semi-exclusive rights in Europe and
UK
    ** ALVO will be responsible for the development and
manufacture of the product
    ** ALVO stock up 20.2% YTD

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