On 20 March 2025, Alvotech announced the acquisition of Sweden’s Xbrane Biopharma AB’s (Xbrane) R & D operations and a biosimilar candidate XB003, a biosimilar to Cimzia (certolizumab pegol).
The acquisition is to include parts of Xbrane’s organization, including approximately 40 employees and R & D operations based in Campus Solna, at the Karolinska Institute outside Stockholm, Sweden, for total consideration of approximately SEK 275 million (c. 28 million USD). However, Xbrane retains other pre-clinical assets and will focus on commercializing this portfolio, which includes Ximluci (a ranibizumab biosimilar referencing Lucentis)—already approved [1] and marketed in Europe—and Xdivane (a biosimilar candidate referencing Opdivo/nivolumab).
Alvotech also announced that it intends to explore the possibility of a listing of Swedish Depository Receipts (SDR), equity share equivalents, on Nasdaq Stockholm, in the future.
‘This acquisition will further expand Alvotech’s development capacity, allowing our commercial network of 19 leading commercial partners worldwide to continue increasing patient access to quality biologics,’ says Robert Wessman, Founder, Chairman and CEO of Alvotech.
In 2024, Alvotech saw significant financial growth, with product revenue reaching US$273.5 million. This is a significant increase from US$48.7 million in 2023. The company have stated that the growth was driven by strong sales of AVT02 (adalimumab biosimilar; Hulio) in Europe, Canada, and the US, together with successful launches of AVT04 biosimilar to Johnson & Johnson’s Stelara (ustekinumab biosimilar; Selarsdi) in Canada, Japan, select European markets, and the US [2].
In addition to this recent Xbrane acquisition, Alvotech – in partnership with Teva – received US Food and Drug Administration (FDA) and European Medicines Agency (EMA) acceptance of the marketing authorization application for AVT05, a proposed biosimilar to Simponi (golimumab), in January 2025 [3].
Additionally, FDA accepted their Biologics Licence Application (BLA) for AVT06 (an aflibercept biosimilar; Eylea) in February 2025. Furthermore, Selarsdi will become interchangeable in the US after 30 April 2025.
In March 2025, Alvotech – in partnership with Dr Reddy’s – secured FDA acceptance for AVT03, a biosimilar to Prolia/Xgeva (denosumab). Separately, through partnerships with Kashiv Biosciences and Advanz Pharma, the company gained UK approval for AVT23, a biosimilar to Xolair (omalizumab).
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References
1. GaBI Online - Generics and Biosimilars Initiative. Biosimilars approved in Europe [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2025 Apr 30]. Available from: www.gabionline.net/biosimilars/general/biosimilars-approved-in-europe
2. GaBI Online - Generics and Biosimilars Initiative. Stelara biosimilars enter US market with 85% discount in 2025 [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2025 Apr 30]. Available from: www.gabionline.net/biosimilars/general/stelara-biosimilars-enter-us-market-with-85-discount-in-2025
3. GaBI Online - Generics and Biosimilars Initiative. Positive safety and efficacy primary endpoint results for AVT05 (golimumab proposed biosimilar) [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2025 Apr 30]. Available from: www.gabionline.net/biosimilars/research/positive-safety-and-efficacy-primary-endpoint-results-for-avt05-golimumab-proposed-biosimilar
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