Dr Reddy's Laboratories on Thursday said it has joined hands with global biotech firm Alvotech to co-develop and commercialise a biosimilar product for treating multiple types of cancer.
The Hyderabad-based drug major has entered into a collaboration and license agreement to co-develop, manufacture and commercialize a biosimilar candidate to Keytruda (pembrolizumab) for global markets, Dr Reddy's Laboratories said in a statement.
Keytruda (pembrolizumab) is indicated for the treatment of numerous cancer types.
In 2024, worldwide sales of Keytruda were $29.5 billion.
The collaboration combines Dr Reddy's and Alvotech's proven capabilities in biosimilars thereby speeding up the development process and extending the global reach for this biosimilar candidate, the company noted.
Under the terms of the agreement, the parties will be jointly responsible for developing and manufacturing the biosimilar candidate and sharing costs and responsibilities, it stated.
Subject to certain exceptions, each party will have the right to commercialize the product globally, it added.
"Oncology has been a top focus therapy area for us and this collaboration will further enhance our capabilities in oncology, as pembrolizumab currently represents one of the most critical therapies in immuno-oncology," Dr Reddy's CEO Erez Israeli said.
Alvotech chairman and CEO Robert Wessman said the agreement demonstrates Alvotech's ability to leverage its dedicated R&D and manufacturing platform for biosimilars, accelerating the expansion of its pipeline by pursuing growing global markets.
"It further enables us to increase the availability of cost-effective, critical biologic medications to patients world-wide," he added.
Dr Reddy's shares were trading 3.49% up at Rs 1,295.80 apiece on BSE.
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