09:49 AM EDT, 07/01/2024 (MT Newswires) -- Amneal Pharmaceuticals ( AMRX ) said Monday that it has expanded its biosimilar portfolio to eight by adding ADL018, a proposed biosimilar of Novartis' ( NVS ) Xolair, or omalizumab, to its pipeline.

The company said omalizumab is used to treat severe allergic asthma, chronic rhinosinusitis with nasal polyps, food allergies, and chronic spontaneous urticaria.

ADL018 was developed by Kashiv BioSciences and is currently in a phase 3 clinical trial initiated in late 2023, Amneal said.

Shares of Amneal were up nearly 1% in early Monday trading.

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