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Alvotech Holdings S.A. ("Alvotech"), a global biopharmaceutical company focused solely on the development and manufacture of biosimilar medicines for patients worldwide, has entered into an exclusive global licensing agreement with BiosanaPharma to co-develop AVT23 (also called BP001), a proposed biosimilar to Xolair® (omalizumab).
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Global sales of Xolair in 2020 reached $3.3 billion. AVT23 will be produced using BiosanaPharma's proprietary 3C process technology, a fully continuous operation designed to allow for highly productive, low-cost manufacturing.
"This transaction underscores Alvotech's comprehensive approach to the biosimilars market," said Mark Levick, CEO of Alvotech. "Our pure-play biosimilars approach allows the Alvotech platform to be highly opportunistic in not only developing products in-house, but also through in-licensing and co-developing attractive products through partnerships with premier companies like BiosanaPharma."
"We are delighted at this collaboration with Alvotech as their platform can enable global distribution of our lead product, if approved," said Ard Tijsterman, CEO of BiosanaPharma. "Our 3C process technology is designed to make products more affordable and to improve patient access, a key goal for both BiosanaPharma and Alvotech."
"The cooperation between our companies demonstrates the ability of our platform to rapidly scale our portfolio," said Anil Okay, Chief Commercial Officer of Alvotech. "This product had been on our wish list for some time and expands the breadth and potential of our future offerings in primary care."
Under terms of the agreement, Alvotech will receive exclusive global rights for AVT23, a proposed biosimilar to Xolair. BiosanaPharma will receive an upfront payment and will be eligible for certain tiered royalties. BiosanaPharma and Alvotech will jointly further the development of AVT23, which is currently in late-stage development. BiosanaPharma has completed a pharmacokinetic (PK) study showing that AVT23's bioavailability, safety, tolerability and immunogenicity were comparable to those of Xolair.
On December 7, 2021, Alvotech and Oaktree Acquisition Corp. II (NYSE:OACB, OACB, OACB WS))))), a special purpose acquisition company sponsored by an affiliate of Oaktree Capital Management, L.P., announced they had entered into a definitive business combination agreement. Upon completion of the transaction, the combined company's securities are expected to be traded on NASDAQ under the symbol "ALVO."
Posted In: OACB
