Teva Pharmaceuticals and Alvotech expand biosimilars partnership

Teva Pharmaceuticals Industries Ltd. (TEVA.TV) and Alvotech (ALVO) announced Monday that they are expanding their collaboration in the U.S. biosimilars market. Under the agreement, two new biosimilar candidates and line extensions of two current biosimilar candidates developed and manufactured by Alvotech will be commercialized in the U.S. by Teva. The agreement includes milestone payments based on product approvals and sales, and the two companies will share profits from the commercialization of the biosimilars. Teva will also acquire subordinated convertible bonds issued by Alvotech, the companies said in a release. The companies were already collaborating on biosimilars for blockbuster drugs such as AbbVie Inc.'s (ABBV) Humira and Johnson & Johnson's (JNJ) Stelara. Alvotech shares gained more than 5% premarket on Monday, while Teva shares are up 0.2%.

-Eleanor Laise

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07-24-23 0852ET

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