Teva Pharmaceutical (NYSE:TEVA) stock is getting a boost on Monday after a partner company received approval from the Food and Drug Administration (FDA).
This approval allows for Alvotech’s (NASDAQ:ALVO) SIMLANDI injection to be used as an interchangeable biosimilar to Humira. That’s a massive win for investors in TEVA stock as Humira was one of the biggest pharmaceutical products of 2023 with $12.2 billion in sales.
Teva Pharmaceutical is a strategic parner of Alvotech. This has it exclusively handling the commercialization of SIMLANDI in the U.S. That has it planning the imminent launch of SIMLANDI injection in the U.S. with interchangeability designation.
Dr. Eric Hughes, Executive Vice President of Global R&D and the Chief Medical Officer of Teva Pharmaceutical, said the following about the news.
“The approval of SIMLANDI marks the first high-concentration, citrate-free biosimilar to Humira with IC status. This approval marks an important milestone for Teva and Alvotech’s partnership to collaborate on seven biosimilars and expand the availability, access, and uptake of biosimilars in the U.S.”
How This Affects TEVA and ALVO Stock
TEVA stock is up 3.8% as of Monday morning with some 2.4 million shares traded. That’s still well below its daily average trading volume of about 10.6 million shares.
ALVO stock is up 11.4% as of this writing as more than 460,000 shares change hands. This is above its daily average trading volume of roughly 235,000 shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
