Alvotech Shares Rebound 20% After FDA Letter Selloff
July 03 2023 - 9:37AM
Dow Jones News
By Dean Seal
Shares of Alvotech have rebounded on Monday from a minor selloff
last week following the company's disclosure that approval for its
drug candidate AVT02 would likely be delayed in the U.S.
The stock is up 20% at $9.30 in premarket trading. At Friday's
close, shares had fallen 22% since the start of the year.
The Icelandic company said Wednesday that it had received a
complete response letter from the U.S. Food and Drug Administration
for a second biologics license application it submitted for AVT02,
a biosimilar candidate to Abbvie's Humira.
Because approval is likely to be delayed, Alvotech said it would
explore options to raise additional capital to continue advancing
pipeline development in the near-term.
Shares sank by more than 8% the next day but recovered on Friday
to close at $7.74.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 03, 2023 09:22 ET (13:22 GMT)
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