Fuji Pharma Co. Ltd. acquired a 4.2% stake in Iceland-based biopharmaceutical company Alvotech for about $50 million.
Fuji Pharma and Alvotech entered into a partnership in November 2018 to develop and commercialize Alvotech's biosimilar portfolio in Japan. Under the partnership, Alvotech agreed to develop and supply multiple biosimilars, while Fuji will register and commercialize the assets in Japan.
According to Alvotech, the chairman of Tokyo-based Fuji Pharma will join the board of Alvotech following the investment.
Alvotech develops biosimilars to provide cost-competitive products to patients across the globe.