Japan-based Fuji Pharma has acquired a 4.2% stake in the biopharmaceutical company Alvotech for around $50 million.
Alvotech said that the Fuji´s investment reflects long-term commitment from both companies. Key shareholders in Alvotech following the transaction are Aztiq Pharma AB, which is the controlling shareholder led by Robert Wessman, generic pharmaceutical company Alvogen and Fuji Pharma.
Alvotech expects to bring to market by 2020 its first products from its current pipeline, which consists of six biosimilar monoclonal antibodies aimed at treating cancer, autoimmune, inflammatory and other diseases.
Robert Wessman, Founder of Alvotech, said:
“Alvotech has established itself as a fully integrated biopharmaceutical company, ranging from cell line development of biosimilars to manufacturing, clinical development and registrations. I am delighted to welcome such a prestigious investor on board, who brings significant industry experience in the APAC region. I further welcome Mr. Hirofumi Imai who joins Alvotech’s Board of Directors and I look forward to working with him developing Alvotech in the near future.“
Hirofumi Imai, Chairman of Fuji Pharma, said:
“Fuji Pharma is extremely pleased to become partner in the growth with Alvotech. At Fuji, we strongly believe in Alvotech’s one-of-a-kind biologics development and scalable manufacturing capabilities. Our investment reflects the long-term business collaboration that we are committed to. It is an honor for me to join the Board of Directors at Alvotech and I look forward to working with Mr. Wessman and other colleagues at Alvotech.”