Alvotech Holdings S.A., a global biopharmaceutical company focused solely on the development and manufacture of biosimilar medicines for patients worldwide, and Japanese pharmaceutical company Fuji Pharma announced today that they have agreed to add to their strategic partnership for the development and commercialization of biosimilar medicines in Japan.

Under terms of the agreement, Fuji will be granted exclusive commercial rights to an undisclosed biosimilar currently in early phase development. Alvotech will receive an upfront payment and be eligible for subsequent milestone payments tied to development progression, as well as a share of the in-market sales. The new agreement adds another biosimilar candidate to the partnership between Alvotech and Fuji, first announced in 2018, bringing the total number of proposed biosimilar products that the companies are partnering on to six. The Japanese market ranks third in overall pharmaceutical spending globally (source: IQVIA Institute).

“Fuji has a been a pioneer in biosimilars in the Japanese market,” said Takayuki Iwai, Fuji’s President & CEO. “This expansion in our partnership with Alvotech demonstrates our commitment to patients and our focus on healthcare sustainability.”

“A global approach to biosimilars is fundamental to our story,” said Robert Wessman, Founder and Chairman of Alvotech. “We believe the dynamics in the Japanese market will favor biosimilars in the long-term as the health care system balances cost and patient access.”

On December 7, 2021, Alvotech and Oaktree Acquisition Corp. II, a special purpose acquisition company sponsored by an affiliate of Oaktree Capital Management, L.P., announced they had entered into a definitive business combination agreement. Upon completion of the transaction, the combined company’s securities are expected to be traded on NASDAQ under the symbol “ALVO.”