Alvotech Partners With LOTTE Biologics to Expand US Biosimilar Output
Alvotech and LOTTE Biologics announced a long-term manufacturing partnership in Syracuse, NY, aimed at scaling biosimilar production capacity.
Alvotech (NASDAQ: ALVO) and South Korea-based LOTTE Biologics have entered a long-term manufacturing agreement to produce biosimilars at a facility in Syracuse, New York, the companies announced Tuesday. The deal is designed to strengthen Alvotech's global production footprint as demand for lower-cost biologic alternatives continues to grow.
Reykjavík-based Alvotech describes itself as an international biopharmaceutical company focused exclusively on the development and manufacture of biosimilar medicines for patients worldwide. LOTTE Biologics, its new partner, specializes in contract biologics manufacturing and brings established production infrastructure to the arrangement.
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The partnership positions Alvotech to deepen its presence in the United States market, where regulatory approvals for biosimilars have accelerated in recent years and payers are under pressure to reduce drug spending. Adding domestic manufacturing capacity can also reduce supply-chain risk for products already cleared or pending clearance by the FDA.
Financial terms of the agreement were not disclosed. The announcement was made jointly from Reykjavík, Iceland, and Seoul, South Korea, underscoring the cross-border nature of the collaboration between the two biopharmaceutical firms.
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