Alvotech (NASDAQ: ALVO) disclosed that its Japanese commercialization partner Fuji Pharma submitted an application to the Japanese Ministry of Health, Labor and Welfare for approval of the first biosimilar candidate developed under the companies’ partnership.
Based in Iceland, Alvotech is a specialty biopharmaceutical company focused exclusively on the development and manufacture of high-quality biosimilar medicines.
The partnership between the two companies, which dates back to November 2018, was expanded earlier in February 2022. Per the amended agreement, six proposed biosimilars will be developed and manufactured by Alvotech and commercialized by Fuji in Japan.
Commenting on the important milestone, Chairman of Alvotech Robert Wessman stated, “Our partnership is based on a joint commitment to increase patient access to vital biologic medicines, and we believe we are well positioned to serve the growing need for biosimilars in Japan.”
Wall Street’s Take on Alvotech
As per TipRanks, Alvotech stock has received one Buy, one Hold, and one Sell recommendation for a Hold consensus rating. Alvotech’s average price forecast of $7.50 implies 10.62% upside potential.
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