Alvotech, an independent sister company of Alvogen, a powerful new player in the field of biopharmaceuticals today announces the opening of a new state-of-the-art facility, dedicated to the development and manufacturing of biosimilar monoclonal antibodies (“mAbs”). The opening of this industry leading biologics manufacturing plant marks a significant milestone for both Alvogen and Alvotech.
Through the Alvotech-Alvogen alliance, Alvogen directly benefits from the growth of Alvotech due the increased supply of products coming to market. Alvotech currently runs five offices in Iceland, Germany, Switzerland and Malta, which in turn helps Alvogen to maximise its distribution of the products. Alvogen is already advanced in the distribution of biosimilars through its relationship with Hospira/Pfizer and it currently distributes products in 35 countries with a target revenue generation of $3bn by 2020.
Alvotech has worked with the U.S. FDA and European (EMA) regulatory agencies to design and build a facility complying with the highest quality standards. The 13,000 square meter facility is located the science park of the University of Iceland in Reykjavik. Iceland offers a favourable operating environment with a strong regulatory system and a convenient geographical location. Furthermore the new facility will significantly increase Alvotech’s production capacity enabling the Group to produce higher yields at lower costs.
Robert Wessman, Chairman and CEO of Alvogen said: