Alvotech Announces Acquisition of Baliopharm
REYKJAVIK, Iceland (BUSINESS WIRE) -- Alvotech, a powerful player in the field of biopharmaceuticals, today announced that it has entered into a definitive agreement to acquire Baliopharm GmbH, a German biopharmaceutical development company, previously a subsidiary of Baliopharm AG. The acquisition provides Alvotech with complimentary capabilities in the area of biosimilar development. Baliopharm will be fully integrated into the Alvotech organization and will be rebranded as Alvotech Germany in the near future.Eef Schimmelpennink, CEO of Alvotech, said: The acquisition of Baliopharm significantly strengthens our R&D platform and will provide Alvotech with enhanced state-of-the-art development capabilities and brings key biosimilar expertise in house. This acquisition shows our dedication to be one of the global leaders in the high-growth biopharmaceutical industry.He furthermore had this to say about the acquisition: Alvotech and Baliopharm have worked closely together for the past two years and the company has been involved in Alvotech's biosimilar programs. We are convinced that the integration of Baliopharm's extensive experience will prove crucial into Alvotech's current platform and allow us to accelerate our programs and be a key factor in bringing timely high quality biosimilars to the market.About AlvotechAlvotech is a global biopharmaceutical company, focused on developing biosimilar versions of leading monoclonal antibodies molecules. The company has six key biosimilar molecules in development and a new state-of-the-art manufacturing plant for development and commercial supply. Alvotech is investing over $500 million in the development of its pipeline and partners with leading global pharmaceutical companies to commercialize its products.About BaliopharmBaliopharm is a biotechnology company focusing on the development of novel and biosimilar therapeutics for the treatment of autoimmune diseases like rheumatoid arthritis, Crohn's disease, psoriasis and multiple sclerosis, for the treatment of cancer and other key therapeutic areas. The company was founded in 2011 as a spin off of Celonic AG, a service provider in the area of contract manufacturing and contract analysis operating since 1998. Baliopharm's platform is focused on cell line development, early phase process development and bioanalysis capabilities.