09:20 AM EDT, 05/21/2024 (MT Newswires) -- Alvotech ( ALVO ) and Dr. Reddy's Laboratories (RDY) said Tuesday that they have partnered to commercialize AVT03, or denosumab, a biosimilar candidate to Prolia and Xgeva that addresses certain skeletal-related diseases.

Financial details of the deal remain undisclosed.

The agreement requires Alvotech ( ALVO ) to develop and manufacture the product, while Dr. Reddy's is responsible for registration and commercialization in the relevant markets, the companies said.

Alvotech ( ALVO ) will receive an upfront payment and additional payments upon certain regulatory and commercialization milestones, the companies said.

Dr. Reddy's commercialization rights are exclusive in the US and semi-exclusive in Europe and the UK.

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