Alvotech Taps LOTTE Biologics for US Manufacturing to Boost Global Supply
ALVO has more than doubled off its 52-week low of $2.94.
Summary
Alvotech signed a long-term manufacturing agreement with LOTTE Biologics to produce drug substance for multiple antibody biosimilars at LOTTE's Syracuse, New York facility. The site adds 40,000 liters of bioreactor capacity and recently passed an FDA inspection with zero observations. This expands Alvotech's US-based manufacturing footprint and supports its growing biosimilar portfolio. CEO Lisa Graver stated the added capacity will cover pipeline demand for the next ten years. Commercial supply is contingent on successful technology transfer and regulatory approvals.
At the time of this announcement, ALVO was trading at $6.14 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.4B. The 52-week trading range was $2.94 to $9.05. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.