6 August 2020 - - Israel-based pharmaceutical company Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) (TASE: TEVA) and Iceland-based biopharmaceutical company Alvotech have entered into an exclusive strategic partnership for the commercialisation in the US of five biosimilar product candidates, the company said.

This strategic partnership combines Teva's long-standing commercial presence and extensive infrastructure in the US market with Alvotech's scientific experience and state-of-the-art biologics manufacturing. The initial pipeline contains biosimilar candidates addressing multiple therapeutic areas.

Under this partnership agreement, Alvotech will be responsible for the development, registration and supply of the biosimilars, while Teva will be exclusively commercializing the products in the US.

The originator products of these five candidates currently generate around USD 35bn in US sales.

The agreement includes an upfront payment, with subsequent milestone payments over the next several years.

Teva and Alvotech will share profit from the commercialization of the biosimilars. All other financial terms and product details remain confidential.

Alvotech is a global biopharmaceutical company focused on the development and manufacture of biosimilars for global markets.

Alvotech's initial pipeline contains several monoclonal-antibody and fusion-protein biosimilar candidates aimed at treating autoimmunity, oncology, ophthalmology and inflammatory conditions to improve quality of life for patients around the world.