(RTTNews) - Alvotech (ALVO) announced on Thursday that it has acquired Xbrane Biopharma AB's R&D operations and biosimilar candidate XB003, further enhancing its position in the biosimilars development and production space.
The acquisition, valued at approximately $27 million, will expand Alvotech's development capacity, with a focus on biosimilars.
The deal includes Xbrane's R&D operations at the Karolinska Institute in Stockholm, Sweden, and the candidate XB003, which targets Cimzia or certolizumab pegol.
Xbrane will retain certain pre-clinical assets and continue to operate as a listed company, focusing on commercialization.
The transaction is expected to close in April 2025, pending regulatory approvals and shareholder consent.
Following the acquisition, Alvotech plans to explore the potential listing of Swedish Depository Receipts (SDR) on Nasdaq Stockholm.
The acquisition strengthens Alvotech's global footprint in the life sciences sector and will help it continue delivering high-quality biosimilars to patients worldwide.
With this strategic move, Alvotech aims to increase its commercial partnerships and accelerate the development of its valuable product pipeline, solidifying its position as a leader in the biosimilars industry.
Currently, ALVO is trading at $11.58 up by 2.12 percent on the Nasdaq.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
