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.