Yas Holding acquires 2.5 percent stake in Iceland based Alvotech

Date: 2019-11-06   Author: Pankaj Singh  Category: #news

Yas Holding acquires 2.5 percent stake in Iceland based Alvotech

Alvotech, a renowned Icelandic biopharmaceutical firm involved in the development and manufacturing of biosimilars, reportedly announced that Yas Holding, an Abu Dhabi based investment firm, has purchased a 2.5 percent stake in the company’s business and signed an agreement that establishes a strategic and exclusive partnership as well as supply of three of Alvotech biosimilar candidates.

The deal enables the Abu Dhabi based investment company to commercialize the three candidates across the MENA region. The total value of the partnership, which includes the acquisition of new shares, an upfront payment of license, and subsequent milestone-based payments is believed to be about $45 million.

This new investment by Yas Holding makes it the second new investor to come on board at Alvotech over the past 12 months.

Group CEO of Yas Holding, Murshed Al Redaini stated that the company is thrilled to announce its new investment in the Iceland-based Alvotech. This funding falls in line with the company’s strategic drivers to carry out investments in opportunities that would make a positive impact on healthcare results and quality of life in patients.

Al Redaini further added that Alvotech has the promising potential to do both and the company is looking forward to help it in this worthy endeavor.

Earlier in November 2018, Fuji Pharma and Alvotech reportedly announced that Fuji Pharma has invested about $50 million in Alvotech for around 4.2 percent stake in the company’s business.

Additionally, earlier in February 2019, Alvotech also announced that it signed an agreement with Fuji Pharma that grants it exclusive rights that would allow it to commercialize the company’s biosimilar ustekinumab, a Stelara® biosimilar, in Japan.

This international commercialization has now been expanded with Yas Holding's procurement of new Alvotech shares and further commercialization of three biosimilars throughout the MENA region.

Alvotech founder, Robert Wessman stated that the company is pleased to welcome Yas Holding to its increasingly growing investor list. Yas Holding brings along with it a highly qualified, experienced and diverse team.  

Wessman further added that the company looks forward to working with this team to further continue to make Alvotech a market leader in biopharmaceutical sector across the world.

This strategic investment contract joins several contracts signed this year, as the company continues to grow, develop and set the standards for coming future.

 

Source credit: https://www.businesswire.com/news/home/20191104005309/en/Yas-Holding-Invests-Alvotech-Agrees-Strategic-Partnership



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Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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