Biotech Drug Production Facility to be Built in Iceland

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Biotech Drug Production Facility to be Built in Iceland

Alvotech, a sister company of the privately-owned U.S.-based Alvogen, has put forward an investment of USD 250 million for the construction of a 11,800 square meter facility for the development and manufacturing of biotech drugs in Iceland.

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Photo: Páll Stefánsson/Iceland Review.

The facility, which will open in 2016, will also fund clinical trials of the group’s antibody drug copies, reuters news agency reports.

Icelandic entrepreneur and founder of Alvotech, Robert Wessman, who also heads Alvogen, said Iceland was a logical location for production because it is midway between the European and U.S. markets and had few patents.

ZR