Iceland-based Alvotech has signed a deal for commercialisation of its biosimilar portfolio in Japan in an exclusive partnership agreement with Fuji Pharma.
Under the partnership, Alvotech will develop and supply high-value biosimilar assets from its current product pipeline. Fuji Pharma will be responsible for registration and commercialisation of these products in Japan.
Alvotech’s biosimilar portfolio comprises products used in advanced therapies of autoimmune disease, oncology, and ophthalmology that generated over $32bn in global sales.
The partnership also focuses on establishing a long-term relationship that will provide Fuji Pharma an opportunity to invest in Alvotech’s capital structure.
With this agreement, Alvotech will gain access to the fast-growing biosimilars market in Japan, which is predicted to grow by about 35% CAGR over the next few years.
Alvotech chief executive officer Rasmus Rojkjaer said: “We strongly believe that in combining Alvotech’s significant manufacturing capacity and high-value biosimilars portfolio with Fuji Pharma’s deep market experience, we will together be staking a place as leaders in Japan’s rapidly growing biosimilars market.
“We are excited to continue delivering on our expanding commitment to bring high-quality biosimilars to patients worldwide.”
Fuji Pharma president and CEO Eiji Takamasa said: “Both Fuji Pharma and Alvotech share the same management philosophy that fuels our excitement to partner with each other. Together we will ensure that patients in Japan will get high-quality biosimilars, while reducing the cost burden on the ageing Japanese society.
“Fuji Pharma’s strong market reach in Japan, complemented with Alvotech’s futuristic portfolio of the expected first-to-launch biosimilar products, will provide the critical synergies for the success of this partnership.”
Fuji Pharma will utilise its local expertise to commercialise Alvotech’s portfolio.