Biopharmaceutical company Alvotech announced today that Japan-based Fuji Pharma has acquired a 4.2 percent stake in the business for approximately $50 million.

Alvotech and Fuji Pharma recently announced an exclusive agreement for development and commercialization of biosimilars in Japan.

Key shareholders in Alvotech now are Aztiq Pharma AB, which is the controlling shareholder led by Robert Wessman, generic pharmaceutical company Alvogen, and Fuji Pharma.

Alvotech‘s current pipeline consists of six biosimilar monoclonal antibodies aimed at treating cancer, autoimmune, inflammatory, and other diseases, with first products expected to be brought to market by 2020.

Alvotech, founded in 2013, has a biopharmaceutical facility in Reykjavik, Iceland, development centers in Germany and Switzerland, and the company employs more than 250 scientists.

Hirofumi Imai, chairman of Fuji Pharma, becomes a member of Alvotech’s board.

(Source: Alvotech)