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

Core Insights - 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] - The acquisition is valued at approximately SEK 275 million (around USD 27 million), with a combination of cash and debt assumption [6] - Alvotech aims to explore the possibility of listing Swedish Depository Receipts on Nasdaq Stockholm in the future [1][6] Company Overview - Alvotech is a global biotech company focused on developing and manufacturing biosimilar medicines, with a significant investment of about $1.9 billion in R&D and manufacturing since 2013 [4][7] - The company has established partnerships with 19 leading companies across over 90 global markets, positioning itself as a leader in the biosimilars industry [4][7] - Alvotech's current pipeline includes nine disclosed biosimilar candidates targeting various diseases, including autoimmune disorders and cancer [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] - Xbrane will retain other pre-clinical assets and focus on their commercialization, while Alvotech will integrate Xbrane's R&D team into its operations [6] - The transaction is expected to close in April 2025, pending regulatory approvals and shareholder consent from Xbrane [6] Strategic Implications - This acquisition is seen as a milestone for Alvotech, enhancing its capacity to increase patient access to quality biologics through its commercial network [3][4] - The move into the Swedish life science sector is expected to attract new talent and foster scientific collaboration, further supporting Alvotech's growth [3][4] - Xbrane's CEO highlighted that the transaction strengthens its financial position and allows it to focus on maximizing the value of its remaining assets [3][6]