Alvotech (ALVO), a biotech company, Thursday said it has entered into a collaboration and license agreement with Dr. Reddy's Laboratories Ltd. to develop a biosimilar candidate to Keytruda and sell globally.
In 2024, global sales of Merck's immunotherapy drug Keytruda which is used to treat a variety of cancers, were $29.5 billion.
As per the deal, the companies share responsibilities and cost of development and manufacturing of the biosimilar candidate.
"This agreement demonstrates Alvotech's ability to leverage its dedicated R&D and manufacturing platform for biosimilars, accelerating the expansion of our pipeline by pursuing growing global markets. It further enables us to increase the availability of cost-effective, critical biologic medications to patients world-wide," said Róbert Wessman, chairman and CEO of Alvotech.
"oncology has been a top focus therapy area for us and this collaboration will further enhance our capabilities in oncology, as pembrolizumab currently represents one of the most critical therapies in immuno-oncology," said Erez Israeli, CEO of Dr. Reddy's.
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