Alvotech Acquires Xbrane’s R&D Operations in Sweden 

• Alvotech has agreed to acquire Xbrane Biopharma AB’s R&D operations and the biosimilar candidate XB003 for approximately SEK 275 million (USD 27 million).

• The deal establishes Alvotech’s presence in Sweden, expands its development capacity, and is expected to close in April 2025, pending shareholder and regulatory approvals.

Alvotech, a global biotech company focused on biosimilar medicines, has announced the acquisition of Xbrane Biopharma AB’s R&D operations and the biosimilar candidate XB003. The deal, valued at approximately SEK 275 million (USD 27 million), strengthens Alvotech’s development capabilities and marks its entry into the Swedish life sciences sector.

The acquisition includes Xbrane’s R&D operations based at Campus Solna, near the Karolinska Institute in Stockholm. The biosimilar candidate, XB003, references Cimzia® (certolizumab pegol). Employees from Xbrane’s R&D unit will be offered positions within Alvotech, and the Solna facility will serve as the company’s Swedish base. Xbrane will retain its preclinical assets and focus on commercializing its portfolio.

Under the agreement, Alvotech will pay SEK 102.2 million in cash and assume SEK 172.8 million in debt and accounts payable. Creditors have agreed to receive SEK 152.8 million in Alvotech equity shares as part of the settlement. The transaction is contingent on shareholder and regulatory approvals, with closure expected in April 2025.

Alvotech’s Chairman and CEO, Robert Wessman, highlighted the strategic benefits of the acquisition. “This acquisition will further expand Alvotech’s development capacity, allowing our commercial network of 19 leading commercial partners worldwide to continue increasing patient access to quality biologics.” He also emphasized that the move strengthens Alvotech’s presence in Sweden, opening new opportunities for talent acquisition and scientific collaboration.

Following the acquisition, Alvotech has also announced plans to explore a potential listing of Swedish Depository Receipts (SDR) on Nasdaq Stockholm.