Biosimilar Developer Alvotech Acquires BaliopharmBy
Alvotech, a developer of monoclonal anbitody biosimilars, has acquired â€‹Baliopharm GmbH, a German biopharmaceutical development company, previously a subsidiary of Baliopharm AG. The acquisition provides Alvotech with complimentary capabilities in the area of biosimilar development. Baliopharm will be fully integrated into the Alvotech organization and will be rebranded as Alvotech Germany in the near future.
Alvotech has six key biosimilar molecules in development and is investing in a new manufacturing plant for development and commercial supply. Alvotech is investing over $500 million in the development of its pipeline and facility. In Nobember 2013, Alvotech broke ground for the construction of a new 12,000 square-meter development and manufacturing site. The site will provide Alvotech with capability and access to a fully vertically integrated biologics manufacturing plant, located in the science park of the University of Iceland in Reykjavik. The facility will be in full operation in 2016.
Headquartered in Reykjavik, Iceland, Alvotech is an independent sister company of the multinational pharmaceuticals company, Alvogen.