Japan’s Fuji Pharma has acquired a 4.2% stake in Icelandic biopharma Alvotech for $50 million.
This investment strengthens a recently announced agreement between the two firms concerning the development and commercialisation of biosimilars in Japan.
Fuji said its investment builds on this agreement and reflects the long-term commitment of both firms.
Alvotech‘s current pipeline consists of six biosimilar monoclonal antibodies aimed at treating cancer, autoimmune, inflammatory and other diseases.
The first products from this pipeline are expected to be brought to market by 2020.
Since its foundation in 2013, Alvotech has invested in a valuable product pipeline and built a new state-of-the-art biopharmaceutical facility in Reykjavik, Iceland.
Development centres are based in Germany and Switzerland, and the company employees over 250 scientists.
Hirofumi Imai, Chairman of Fuji Pharma, said: “Fuji Pharma is extremely pleased to become a partner in the growth with Alvotech.
“At Fuji, we strongly believe in Alvotech’s one-of-a-kind biologics development and scalable manufacturing capabilities.
“Our investment reflects the long-term business collaboration that we are committed to.”