Iceland's Alvotech has announced plans to pour in USD250 million in biopharmaceuticals, according to FiercePharma.

Alvotech is a powerful new player in the biopharmaceutical field. The firm is an independent sister company of US drug maker Alvogen. Alvotech plans to back the development and manufacturing of biosimilars (biologic medical products), the report explained.

Through the Alvotech-Alvogen partnership, Alvogen will gain key pipeline molecules to its present biosimilar portfolio. The firm currently markets biosimilars in selected areas through alliances with other companies including Hospira, the report said.

Alvogen Chairman and Chief Executive Officer Robert Wessman said: "Many of the world's top-selling drugs are biologics, and exposure to biopharmaceuticals has become an important growth engine for Alvogen. The alliance with Alvotech will allow us to leverage our global commercial network in over 30 countries and is an important step for both companies towards becoming leaders in the biopharmaceutical industry. The partnership is a valuable addition to our current biosimilar business."

Last month, Alvotech broke ground on a new development and manufacturing facility for biosimilars in Reykjavik. The site will provide the company with an advanced and integrated biologics manufacturing plant, FiercePharma reported.