Yas Holding Invests in Alvotech and Agrees on a Strategic Partnership for Biosimilar Candidates
REYKJAVIK, Iceland--(BUSINESS WIRE)--Nov 4, 2019--
Biopharmaceutical company Alvotech announced today 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.”
This investment from Yas Holding represents the second new investor coming on board during the past 12 months. Alvotech and Fuji Pharma announced in November 2018 that Fuji Pharma would invest approximately $50 million for a 4.2% stake in the business and also announced In February 2019, that they had agreed with Fuji Pharma exclusive rights to commercialize Alvotech’s biosimilar ustekinumab (biosimilar to Stelara®) in Japan. This global commercialization has today been extended with Yas Holding’s purchase of new shares in Alvotech and commercializing three biosimilars in the MENA region.
Murshed Al Redaini, Group Chief Executive Officer of Yas Holding, added: “Yas Holding is very happy to announce our investment in Alvotech. This investment is in line with one of the Yas Holding Group‘s strategic drivers to invest in opportunities which will positively impact healthcare outcomes and patient quality of life. Alvotech‘s potential to do both is extremely promising and we are delighted to support them in this worthy endeavour.
“Alvotech is at the cutting edge of the bio-pharmaceutical industry and our investment will also complement both our existing portfolio, and further planned expansion into the health and pharmaceutical sectors, both in the MENA region and abroad.”
Alvotech‘s initial pipeline contains seven biosimilar monoclonal antibodies and fusion proteins aimed at treating severe immune and inflammatory conditions. The biosimilars will improve both access and the quality of life for patients around the world. Alvotech’s fully vertically integrated platform can support new products each year which will create a substantial portfolio of high quality, high value products.
Aztiq Pharma, led by Robert Wessman (Alvotech‘s founder) is a majority shareholder of Alvotech, while other shareholders are sister company Alvogen, Fuji Pharma and now Yas Holding.
Alvotech is a multinational biopharmaceutical company, focused on the development and production of high quality biosimilars. Specialists in biotechnology, Alvotech are setting the standards for biosimilars globally, by delivering high quality, cost-competitive products and services to our partners and patients around the world. Our fully integrated approach, with high-quality in-house competencies throughout the value chain, enables the accelerated development of biosimilar products, all created at Alvotech’s state-of-the-art manufacturing facility in Reykjavik, Iceland.
Alvotech‘s initial pipeline contains several monoclonal-antibody and fusion-protein biosimilar candidates aimed at treating autoimmunity, oncology and inflammatory conditions. By setting these new standards for the future of biopharmaceuticals, Alvotech will realize their goals to improve the quality of life and access for patients around the world.
For more information, please visit our website, www.alvotech.com or follow us on LinkedIn, Twitter and Facebook.
About Yas Holding
Yas Holding is a business development and investment company based in Abu Dhabi in the United Arab Emirates. Active in sectors as diverse as technology, agriculture, healthcare, education and aviation, their breadth of scope is underpinned and strengthened by their commitment to the provision of high value, high quality products and services.
Yas Holding is agile investment group with a steadfast commitment to partnership and business excellence, with a driving mission to invest in people, technology and diverse industries, to create value for their shareholders and their customers.
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CONTACT: Halldor Kristmannsson
KEYWORD: UNITED STATES ICELAND NORTH AMERICA ASIA PACIFIC MIDDLE EAST EUROPE
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL HEALTH
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PUB: 11/04/2019 04:00 AM/DISC: 11/04/2019 04:00 AM