Alvotech Inks Exclusive Licensing Agreement with Kashiv BioSciences for Development and Commercialization of a Proposed Biosimilar to Xolair (omalizumab)
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Alvotech (NASDAQ:ALVO) and Kashiv Biosciences have entered into an exclusive licensing agreement for AVT23, a proposed biosimilar to Xolair. The agreement covers 27 countries of the European Union, the UK, Australia, Canada, and New Zealand. Alvotech will receive an exclusive license to commercialize AVT23, which will be developed and manufactured by Kashiv. Kashiv will receive an upfront payment and is eligible for subsequent milestone payments and royalties.
October 03, 2023 | 9:01 am
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POSITIVE IMPACT
The exclusive licensing agreement for AVT23 could potentially increase Alvotech's revenue and market presence in the covered countries.
The exclusive licensing agreement allows Alvotech to commercialize AVT23 in multiple countries. This could potentially increase their revenue and market presence, positively impacting their stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100