Alvotech’s Drug Approved In Europe As Biosimilar For Bone Disease Drug
Synopsis
AVT03 will be commercialised in Europe in partnerships with STADA Arzneimittel AG and Dr. Reddy’s, the company said.
Alvotech (ALVO) on Monday said that the European Commission (EC) has approved AVT03 as a biosimilar to Amgen’s Prolia and Xgeva, containing the active ingredient denosumab, and used widely to manage osteoporosis.
According to Alvotech, the European denosumab market is currently valued at approximately $1.2 billion across all indications. While widely used to manage osteoporosis, it is also used to prevent skeletal-related events in patients with certain cancers.
AVT03 will be commercialised in Europe in partnerships with STADA Arzneimittel AG and Dr. Reddy’s, the company said.
Shares of the company traded flat in the pre-market session at the time of writing.
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