Alvotech and Changchun High & New Technology Industries form joint venture for China
Biotechnology firm Alvotech has entered a joint venture agreement with China's CCHN to establish a new manufacturing facility in China for biosimilar development and commercialization.
Biotechnology company Alvotech announced a joint venture agreement with China's Changchun High & New Technology Industries Group Inc (CCHN). The partnership aims to develop, manufacture, and commercialize Alvotech's biosimilar portfolio within China.
A new, state-of-the-art biologics manufacturing facility will be constructed in Changchun, China. CCHN will fund the venture with US$100 million. Alvotech will contribute additional capital and six market authorizations for its monoclonal antibodies, used in advanced treatments for cancer and autoimmune diseases. Construction of the facility is expected to commence in the first half of 2019.
The joint venture grants Alvotech access to the world's second-largest pharmaceutical market. The company aims to establish a significant presence in the Chinese biosimilar market by offering high-quality biopharmaceuticals at affordable prices.
CEO Rasmus Rojkjaer highlighted the importance of registering globally developed products in China according to both NMPA and US FDA standards. The goal is to bring high-quality treatments to Chinese patients and ensure sufficient production volumes through the locally built facility.
CCHN, a company listed on the Shenzhen Stock Exchange, brings domestic market experience and is committed to the biopharmaceutical sector. The company seeks to integrate international advanced technologies and achieve a leading position in China's biopharmaceutical market.