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 goal to be a leader in the biosimilar space by providing high-quality, cost-effective products [4][7] - The company has invested approximately $1.9 billion since 2013 in a biosimilars R&D and manufacturing platform and has established partnerships with 19 leading companies across over 90 global markets [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® [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 SEK 172.8 million in assumed 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 patient access to quality biologics through its commercial network of 19 partners [3][6] - Alvotech aims to attract new talent and foster scientific collaboration in the Swedish life science sector, which is comparable to the U.S. in this field [3][6] - Xbrane will retain over 75% of its addressable market, focusing on the commercialization of its remaining pre-clinical assets, including Ximluci and Xdivane [3][6]