Alvotech and Fuji Pharma Announce Agreement
Alvotech and Fuji pharma have entered into a binding agreement for the exclusive partnership and supply to commercialize Alvotech’s ustekinumab biosimilar (Stelara®) in Japan.
Alvotech and Fuji Pharma recently announced Fuji´s ~US$50 million investment into Alvotech that further strengthens the partnership between the companies and reflects a long-term commitment from both parties.
The partnership arrangement includes the exclusive rights for Fuji Pharma to commercialize Stelara® (ustekinumab) in Japan, leveraging the company’s strong sales and marketing capabilities and experience in successfully bringing new biosimilars to the Japanese market. Under the terms of the agreement, Alvotech will assume responsibility for full development and commercial supply, out of its new state-of-the-art manufacturing facility in Reykjavik, Iceland. Alvotech will receive an upfront payment of US$ 4.6 million as a part of the transaction, with rights to receive total milestone payments up to US$20 million.
Ustekinumab™ is a mAb biosimilar to Janssen pharmaceuticals’ Stelara®, which is a human interleukin-12 and -23 antagonist indicated for the treatment of plaque psoriasis, psoriatic arthritis and Crohn disease. The brand Stelara® generated approximately $5.2 billion worldwide in net revenues in 2018 according to J&J reporting.
Alvotech‘s initial pipeline consists of six biosimilar monoclonal antibodies and fusion proteins aimed at treating severe immune, inflammatory conditions, that improve the quality of life for patients around the world. Alvotech’s fully vertically integrated business model has established a platform that will add new products each year and over time create a substantial portfolio of high quality, high value products.
Aztiq Pharma, led by Robert Wessman (Alvotech‘s founder as well as Chairman and CEO of Alvogen) is a majority shareholder of Alvotech, while other shareholders are sister company Alvogen and Fuji Pharma