Alvotech and Dr. Reddy’s Enter into Collaboration to Co-Develop Biosimilar Candidate to Keytruda® (pembrolizumab)

Hyderabad, India & Reykjavik, Iceland — Alvotech (NASDAQ: ALVO), a global biotech company specializing in biosimilar medicines, and Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY), a leading pharmaceutical firm, have entered into a strategic collaboration to co-develop, manufacture, and commercialize a biosimilar of Keytruda® (pembrolizumab), a blockbuster immunotherapy used to treat multiple cancer types.

This partnership marks a significant step in the global biosimilars space, aiming to offer a cost-effective alternative to Keytruda®, which recorded global sales of US$29.5 billion in 2024, underscoring its clinical and commercial importance.

Under the agreement, Alvotech and Dr. Reddy’s will jointly manage the development and manufacturing process of the biosimilar candidate and share related costs and responsibilities. With few exceptions, both companies will have the rights to commercialize the product in global markets.

“This agreement demonstrates Alvotech’s ability to leverage its dedicated R&D and manufacturing platform for biosimilars, accelerating the expansion of our pipeline by pursuing growing global markets,” said Róbert Wessman, Chairman and CEO of Alvotech. “It further enables us to increase the availability of cost-effective, critical biologic medications to patients worldwide.”

Erez Israeli, CEO of Dr. Reddy’s, added: “We are happy to collaborate with Alvotech for the pembrolizumab biosimilar. This demonstrates our ability to develop and manufacture high-quality and affordable treatment options for patients worldwide. Additionally, oncology has been a top focus therapy area for us, and this collaboration will further enhance our capabilities in oncology.”

The collaboration capitalizes on both companies’ extensive expertise in biosimilars and biologics and is expected to significantly contribute to the accessibility of life-saving cancer treatments across the globe.