Our playing field is the international pharmaceutical market. This is an industry with vast untapped potential, as generics penetration is rapidly growing and new difficult-to-make formulations are added to our portfolio. Important changes are driving new momentum in the market for biopharmaceuticals, creating attractive growth opportunities.
Alvogen aims to be among the leading players in the field.
Competition, drastic price erosions, fewer patent expiries, and changes in regulations and local reimbursements put tremendous pressure on generic players to seek ways to reduce the time to market, build valuable portfolios and lower costs. It is about the survival of the fittest and outsmarting the competition.
We are already playing with the best in the industry.
Alvotech, an independent sister company of Alvogen and powerful new player in the field of biopharmaceuticals, will invest $250 million in the development and manufacturing of a portfolio of biosimilar monoclonal antibodies. Current biosimilar assets include follow-on versions of leading monoclonal antibodies molecules, which will be brought to market by 2018. Dr. Andreas Herrmann leads the Alvotech management team and brings 25 years of industry experience.
Through the Alvotech-Alvogen alliance, Alvogen will add key pipeline molecules to its existing biosimilar business. Alvogen currently markets biosimilars in selected regions through alliances with other firms including Hospira and has several pending marketing authorizations worldwide.
Alvotech broke ground in November 2013 on a new 11,800m2 development and manufacturing facility, where it will produce its own developed biosimilars, the first of which are already in advanced development stage. Located in the science park of the University of Iceland in Reykjavik, the site will provide Alvotech with a state of the art, fully vertically integrated biologics manufacturing plant.