Alvotech (NASDAQ:ALVO) shares saw a positive lift Wednesday morning following the announcement that the biosimilar developer has significantly bolstered its production capabilities by acquiring Swiss pharmaceutical assembly and packaging specialist Ivers-Lee Group.
The move boosts Alvotech’s readiness for three upcoming biosimilar launches slated for 2025 and aligns with the company’s wider global growth strategy. The company disclosed no financial terms of the deal.
Headquartered in Burgdorf, Switzerland, Ivers-Lee is recognized for its GMP-certified and FDA-approved services catering to the pharmaceutical sector.
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This acquisition will see Ivers-Lee operate as an independent legal entity while its operations become part of Alvotech’s Technical Operations division. Robert Wessman, founder and CEO of Alvotech, highlighted the established collaboration between the two companies.
“As Alvotech prepares for the launch of three new biosimilars in 2025 and sales growth in global markets, the integration of Ivers-Lee into our Technical Operations, provides added flexibility and capacity to meet increased global demand for our biosimilars, maintaining the highest level of quality and service,” Wessman said.
Founded in 1947, Ivers-Lee has decades of experience in pharmaceutical packaging, with operational sites in both Burgdorf and Lörrach, Germany. The Burgdorf facility focuses on assembling autoinjectors, safety devices, pre-filled syringes, and vials, while the Lörrach unit oversees contract manufacturing, clinical trial support, and QP services.
Peter Schüpbach, the current managing director and grandson of the company’s founder, will stay on in his leadership role and also join Alvotech’s senior Technical Operations team.
“Alvotech offers the Ivers-Lee Group financial strength and development opportunities in a growth market, that we as a founding family cannot offer. This change brings stability both for Ivers-Lee and its employees,” Schüpbach stated.
According to Benzinga Pro, ALVO stock has lost over 26% in the past year. Investors can gain exposure to the stock via GlacierShares Nasdaq Iceland ETF (NASDAQ:GLCR).
Price Action: ALVO shares are trading higher by 2.16% to $9.00 premarket at last check Wednesday.
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