Alvotech Acquires Xbrane's R&D Operations in Sweden and Further Affirms its Global Leadership Position in Biosimilars Development and Production

Core Viewpoint - Alvotech has announced the acquisition of Xbrane Biopharma AB's R&D operations and a biosimilar candidate, XB003, which will enhance its development capabilities and establish a presence in the Swedish life science sector [1][3][6]. Company Overview - Alvotech is a global biotech company focused on developing and manufacturing biosimilar medicines, with a significant investment of approximately $1.9 billion in R&D and manufacturing since 2013 [4][7]. - The company aims to be a leader in the biosimilar market by providing high-quality, cost-effective products and services, supported by a fully integrated approach and broad in-house capabilities [4][7]. Acquisition Details - The acquisition includes Xbrane's R&D operations located at the Karolinska Institute in Sweden and the biosimilar candidate XB003, which references Cimzia® (certolizumab pegol) [1][6]. - The purchase price for the acquisition is approximately SEK 275 million (around USD 27 million), consisting of SEK 102.2 million in cash and the assumption of SEK 172.8 million in debt and accounts payable [6]. - The closing of the acquisition is expected in April 2025, pending approvals from relevant authorities and Xbrane's shareholders [6]. Strategic Implications - This acquisition will allow Alvotech to expand its development capacity and enhance its commercial network, which includes 19 leading partners worldwide [3][4]. - Establishing a presence in Sweden's life science sector is expected to attract new talent and foster scientific collaboration, supporting Alvotech's growth strategy [3][6]. Xbrane's Position - Xbrane will retain over 75% of its addressable market, focusing on the commercialization of its remaining pre-clinical assets, including Ximluci (Lucentis biosimilar candidate) and Xdivane (Opdivo biosimilar candidate) [3][6].