Japan-based Fuji Pharma has acquired a 4.2% stake in biopharmaceutical firm Alvotech for around $50m.
Alvotech and Fuji Pharma recently announced an exclusive agreement for development and commercialization of biosimilars in Japan. Fuji´s investment into Alvotech further strengthens the partnership between the companies and reflects long-term commitment from both companies.
Key shareholders in Alvotech following the transaction are Aztiq Pharma AB, which is the controlling shareholder led by Robert Wessman, generic pharmaceutical company Alvogen and Fuji Pharma.
Alvotech‘s current pipeline consists of six biosimilar monoclonal antibodies aimed at treating cancer, autoimmune, inflammatory and other diseases, with first products expected to be brought to market by 2020.
Since its foundation in 2013, Alvotech has invested in a valuable product pipeline and built a new state-of-the-art biopharmaceutical facility in Reykjavik, Iceland. Development centers are based in Germany and Switzerland, and the company employees over 250 scientists.
Alvotech founder Robert Wessman said: “Alvotech has established itself as a fully integrated biopharmaceutical company, ranging from cell line development of biosimilars to manufacturing, clinical development and registrations.
“I am delighted to welcome on board such a prestigious investor, who brings significant industry experience in the APAC region. I further welcome Mr. Hirofumi Imai who joins Alvotech’s Board of Directors and I look forward to working with him developing Alvotech in the near future.”
Fuji Pharma chairman Hirofumi Imai said: “Fuji Pharma is extremely pleased to become a partner in the growth with Alvotech. At Fuji, we strongly believe in Alvotech’s one-of-a-kind biologics development and scalable manufacturing capabilities.
“Our investment reflects the long-term business collaboration that we are committed to. It is an honor for me to join the Board of Directors at Alvotech and I look forward to working with Mr. Wessman and other colleagues at Alvotech.”