Biopharmaceutical company Alvotech announced that Abu Dhabi-based investment company, Yas Holding, has acquired a 2.5% stake in their business and signed an agreement for the exclusive partnership and supply of three Alvotech biosimilar candidates, which Yas Holding will commercialize in the MENA region. The total partnership value, including the purchase of new shares, an upfront license payment, along with subsequent milestone payments is estimated to be around $45 million.
Robert Wessman, founder of Alvotech, said: “We are delighted to welcome Yas Holding to our growing lists of investors for Alvotech. They bring with them a highly qualified, diverse and experienced team. I am very much looking forward to working with them on continuing to establish Alvotech as an industry leader in biopharmaceuticals worldwide. This strategic investment agreement joins many signed this year, as we continue to develop, grow and set the standards for the future.”