Alvotech, a privately-owned biopharmaceutical company out of Reykjavik, Iceland, announced a partnership with Cipla Gulf FZ LLC for the commercialization of a biosimilar (AVT02 – an adalimumab biosimilar) in emerging markets. AVT02 is a biosimilar to AbbVie’s Humira with indications for several autoimmune diseases, such as Rheumatoid Arthritis.
In a press release, Alvotech Founder and Chairman indicated that the partnership enables Alvotech to gain access to “Cipla’s strong commercial network in select emerging and deep market experience, which will ultimately benefit patients who will get better access to high-quality biosimilars.” Alvotech will be responsible for the development and production of AVT02.
Earlier in 2019, Alvotech announced a partnership and joint venture with a development company out of China to globally expand the development, manufacturing and commercialization of the biosimilar portfolio in China, beginning with a state-of-the-art biologics drug facility.
Life science companies, such as medical device companies, incorporated in Iceland benefit from low corporate tax and encouraging financial incentives for the clinical trial R&D and commercial applications. To learn more, please visit Invest in Iceland.