Alvotech and Kashiv Biosciences Enter Exclusive Licensing Agreement for Biosimilar Medication

Alvotech, a global biotech company, and Kashiv Biosciences LLC, a fully integrated biopharmaceutical company, have recently announced an exclusive licensing agreement for AVT23, a proposed biosimilar medication to Xolair® (omalizumab). This agreement covers multiple major geographies, including all 27 countries of the European Union, the UK, Australia, Canada, and New Zealand.

Under the terms of the agreement, Alvotech will receive an exclusive license to commercialize AVT23, which will be developed and manufactured by Kashiv. As part of the deal, Kashiv will receive an upfront payment and will be eligible for subsequent milestone payments and royalties.

AVT23, also known as ADL018, is currently in clinical development and aims to be a biosimilar to Xolair, a medication indicated for severe persistent allergic asthma, chronic rhinosinusitis with nasal polyps, and chronic spontaneous urticaria. With global sales of Xolair reaching approximately $3.7 billion in the last twelve months, the potential impact of AVT23 is significant.

Robert Wessman, Chairman and CEO of Alvotech, expressed his satisfaction with the agreement, highlighting Alvotech’s ability to leverage its platform and pursue attractive markets through in-licensing. He also emphasized the company’s market access expertise and global commercial partnerships, which will contribute to the successful commercialization of AVT23.

Dr. Sandeep Gupta, CEO of Kashiv Biosciences, expressed his delight in partnering with Alvotech, a global biosimilar company, for the commercial rights to their omalizumab biosimilar program. He mentioned that this agreement further strengthens Kashiv’s track record in developing and manufacturing high-quality biosimilars for commercial partners worldwide. Dr. Gupta also highlighted the ongoing global Phase III clinical study for AVT23, aiming to expand patient access to this treatment.

The exclusive licensing agreement between Alvotech and Kashiv Biosciences represents a significant step towards providing patients with more affordable and accessible biosimilar medications. Both companies are committed to developing and manufacturing high-quality products that can make a positive impact on patients’ lives.

For more information about Alvotech and its biosimilar pipeline, please visit www.alvotech.com. To learn more about Kashiv Biosciences and its diverse product portfolio, visit www.kashivbiosciences.com.