Alvotech up on deal to commercialize Novartis' biosimilar asthma drug

Alvotech SA

06/02/2023 16:32

** Alvotech's shares  ALVO.O  rise 3.6% to $12.72
    ** ALVO enters into an exclusive agreement with Advanz
Pharma for the commercialization of AVT23, a proposed biosimilar
to Novartis'  NOVN.S  asthma drug, Xolair  urn:newsml:reuters.com:*:nGNX9gmXdl
    ** Agreement to cover European Economic Area, UK,
Switzerland, Canada, Australia and New Zealand
    ** According to the deal, AlVO will be responsible for
development and manufacture, while Advanz Pharma will handle
registration and commercialization
    ** Estimated market size of the reference product for the
region included under this agreement is over $1 bln, according
to market data from IQVIA - ALVO
    ** ALVO gained ~1% last year
 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))