11:32 AM EDT, 04/30/2024 (MT Newswires) -- Alvotech ( ALVO ) and Teva Pharmaceuticals' (TEVA) US affiliate said Tuesday that Alvotech ( ALVO ) will manufacture a high-concentration interchangeable biosimilar to Humira for Quallent Pharmaceuticals, which will distribute the drug under its private label.

Financial details of the deal were not disclosed.

The companies said the deal is in alignment with a US commercialization agreement between Alvotech ( ALVO ) and Teva, under which

Alvotech ( ALVO ) develops and manufactures biosimilars while Teva commercializes the products.

Alvotech's ( ALVO ) Humira biosimilar was approved by the US Food and Drug Administration in February as a treatment for various types of arthritis and several other diseases, the companies said.

Alvotech's ( ALVO ) shares were up 1.7% and Teva's shares were marginally rising in recent Tuesday trading.

Price: 14.46, Change: +0.24, Percent Change: +1.69