Biotech company Alvotech (ALVO) and Dr. Reddy's Laboratories SA, wholly-owned subsidiary of Dr. Reddy's Laboratories Ltd. (RDY), announced Tuesday that the companies have entered into a license and supply agreement for the commercialization of AVT03, Alvotech's biosimilar candidate to Prolia and Xgeva (denosumab).
The collaboration combines Dr. Reddy's global commercial presence with Alvotech's proven capabilities in developing biosimilars for markets worldwide.
Prolia and Xgeva are indicated for the treatment of various diseases including osteoporosis in postmenopausal women and prevention of skeletal-related events in adults with advanced malignancies.
Alvotech will be responsible for development and manufacturing of the product, while Dr. Reddy's will be responsible for registration and commercialization of the product in the applicable markets.
The license and supply agreement includes an upfront payment to Alvotech, with additional payments upon certain regulatory and commercialization milestones as well as sales-based payments.
Dr. Reddy's commercialization rights are exclusive for the U.S., and semi-exclusive for Europe and the UK.
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