Icelandic Company Alvotech Set to Conquer US Market Skip to content
Róbert Wessman rings the closing bell at Nasdaq Iceland to celebrate listing Alvotech for trading.
Photo: Nasdaq Iceland: Róbert Wessman celebrates the listing of Alvotech in 2022.

Icelandic Company Alvotech Set to Conquer US Market

Icelandic biotech company Alvotech accepted an offer from professional investors today for the sale of shares worth ISK 23 billion [USD 166 million]. The sale will be conducted through Nasdaq Iceland. Just two days ago, Alvotech’s drug SIMLANDI was approved by the US Food and Drug Administration (FDA). This positions it to compete with one of the highest-grossing pharmaceutical products in the world.

Share price up 11.8%

Alvotech was founded by Icelander Róbert Wessman, who still heads the company. The company focuses on the development and manufacture of biosimilar medicines worldwide. Alvotech intends to use the net proceeds from the transaction “to strengthen its production capacity and to support expected biosimilars launches,” according to the company. Alvotech’s share price is up 11.8% today and is now at ISK 2,500 per share.

New drug approved for US market

Three days ago, Alvotech’s drug SIMLANDI was approved by the FDA as an interchangeable biosimilar to Humira for the treatment of several types of arthritis and other conditions. SIMLANDI is the first high-concentration, citrate-free biosimilar to Humira that has been granted an interchangeability status by the FDA. This means it can be substituted at pharmacies without consulting the prescriber, like generic drugs are substituted for brand-name drugs.

Could change US pharmaceutical market dynamics

“This approval is an important milestone in Alvotech’s journey to offer broader access worldwide to more affordable biologics,” Róbert Wessman stated. He adding that SIMLANDI “has the potential to change the market dynamics in a rapidly evolving environment for biosimilars in the US.”

In 2023, Humira was one of the highest-grossing pharmaceutical products in the world. Its sales in the U.S. reached nearly $12.2 billion.

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