Dr Reddy's, Alvotech to co-develop biosimilar of cancer drug Keytruda

Global biotech major Alvotech and Hyderabad-based Dr Reddy's Laboratories (DRL) have entered into a collaboration to co-develop, manufacture, and commercialise a biosimilar version of Merck's blockbuster cancer drug Keytruda (pembrolizumab), which recorded global sales of $29.5 billion in 2024.
Shares of DRL rose 3 per cent on Thursday on the BSE following the announcement.
Under the agreement, both parties will jointly manage development and manufacturing responsibilities, while sharing associated costs. Each company will also hold global commercialisation rights, subject to certain exceptions.
Keytruda, developed by Merck & Co., is used to treat a wide range of cancers, including lung, melanoma, and head and neck cancers. With patents for Keytruda expected to expire in major markets over the next few years, competition among biosimilar developers is intensifying.
The partnership is a strategic boost to Dr Reddy's oncology portfolio—a key therapeutic area for the company—and significantly expands Iceland-based Alvotech's biosimilar pipeline. The tie-up comes amid growing global demand for cost-effective biologic alternatives in cancer care, especially in immuno-oncology, where Keytruda remains a dominant therapy.
'We are happy to collaborate with Alvotech for the pembrolizumab biosimilar,' said Erez Israeli, CEO of Dr Reddy's. 'Oncology has been a top focus therapy area for us, and this collaboration further enhances our capabilities.'
Alvotech Chairman and CEO Róbert Wessman said the partnership would accelerate development while broadening global access to critical biologics. 'This agreement demonstrates our ability to leverage our R&D and manufacturing platform to pursue growing global markets,' he said.
Alvotech, listed on Nasdaq, is focused solely on biosimilars and already has approvals for adalimumab and ustekinumab biosimilars. Its pipeline includes candidates for autoimmune, respiratory, and oncologic indications.
Dr Reddy's, which has commercialised six biosimilars in India and over 30 countries, has been scaling up global biologics operations. It launched its first biosimilar in the UK—Versavo (bevacizumab)—in 2024, and pegfilgrastim in the US and Europe through partners.
With this collaboration, both companies aim to play a larger role in shaping the next phase of affordable cancer care globally.

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