“A lot of companies are hurting because of the higher interest rates,” one major CEO observed recently, summing up a year which saw little headline-grabbing news on the M&A front for generic and biosimilar sponsors.

Alvotech and local partner Jamp Pharma have received the first Canadian approval for an ustekinumab biosimilar rival to Stelara in the form of Jamteki, with Health Canada’s marketing authorization following earlier nods for Alvotech’s AVT04 candidate in other geographies.

Stada and Alvotech’s Uzpruvo ustekinumab biosimilar is set to become the EU’s first approved rival to Stelara after the EMA’s CHMP issued a positive opinion for the product. Meanwhile, the committee also endorsed a Lucentis biosimilar from Qilu Pharma as well as azacitidine and paclitaxel generics from Fresenius Kabi and Accord.

With J&J's Stelara set for Medicare negotiation, the fate of Amgen’s new ustekinumab interchangeable be a test case for concerns that the pricing program will significantly undercut incentives for developing biosimilars for blockbusters in the Medicare market.