On August 5, 2020 Teva Pharmaceutical Industries Ltd. (NYSE: and TASE: TEVA) and biopharmaceutical company Alvotech reported that they have entered into an exclusive strategic partnership for the commercialization in the U.S. of five biosimilar product candidates (Press release, Teva, AUG 5, 2020, View Source [SID1234562952]). This strategic partnership combines Teva’s long-standing commercial presence and extensive infrastructure in the U.S. market with Alvotech’s scientific experience and state-of-the-art biologics manufacturing. The initial pipeline contains biosimilar candidates addressing multiple therapeutic areas.
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Robert Wessman, Alvotech’s founder and Chairman said, "We are very proud to announce our strategic alliance with Teva – a leading global pharmaceutical company, to accelerate the introduction and adoption of new biosimilar medicines for patients in the U.S. market. This is not only a big moment for the biosimilar industry but also a very special moment for Alvotech, as we continue to join forces with leading global and regional partners around the world."
"This commercial partnership with Alvotech will enable Teva to lend its technical expertise in working with the FDA to bring products to the U.S. market while broadening its growing biosimilar portfolio and continuing to leverage its unique cross-functional expertise across both specialty and generic medicines," said Brendan O’Grady, Executive Vice President and Head of North America Commercial at Teva. "This collaboration is another step in our unwavering commitment to develop and enable access to quality medications to help improve the lives of patients."
Under this partnership agreement, Alvotech will be responsible for the development, registration and supply of the biosimilars, while Teva will be exclusively commercializing the products in the U.S. The originator products of these five candidates currently generate around $35 billion in U.S. sales. The agreement includes an upfront payment, with subsequent milestone payments over the next several years. Teva and Alvotech will share profit from the commercialization of the biosimilars. All other financial terms and product details remain confidential.