Alvotech teams up with China’s Changchun
Biosimilars developer Alvotech has formedajoint venture with China’s Changchun High & New Technology Industries group (CCHN). The privately-owned Icelandic firm says the deal will enable it “to develop, manufacture and commercialise its biosimilars portfolio in China”. By aligning their “interests and strengths”, the partners plan to start buildingajointly-owned biologics manufacturing facility in Changchun, China, “as early as the first half of 2019”. Under the terms of the agreement, CCHN will put US$100 million into the joint venture, while Alvotech will contribute US$10 million of additional capital plus six marketing authorisations for monoclonal antibodies (mAbs) used for treating cancer and autoimmune diseases that it values at US$90 million CCHN’s general manager, An Jixiang, said the co-operation would “give full play to the advantages of both parties, and we are confident that we will haveafavourable position in China’s biosimilars market in future”.
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