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 [email protected]
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