New $250M Iceland Factory Puts Alvogen in Biosimilar Race
Iceland is joining the race to make generic versions of complex biotech drugs with an investment of $250 million in development and manufacturing by Alvotech, a sister company of privately owned U.S.-based Alvogen.
The money will pay for a 11,800 square meter facility in Iceland that will open in early 2016. The company hopes to have its own biosimilars in the market by 2018 when patents for a number of high-priced biologic drugs will be rolling off.