The biosimilars firm Alvotech (Nasdaq:ALVO) has announced that its CEO, Mark Levick, will retire. As of January 1, the company will install Robert Wessman, executive chairman and founder, as its top exec.
Reykjavik, Iceland–based Alvotech also announced that it had retained Hafrun Fridriksdottir as its chief operating officer. Fridriksdottir was formerly the executive vice president and head of global R&D at Teva (NYSE:TEVA).
Wessman will retain his role as executive chairman of Alvotech’s board.
At Teva, Fridriksdottir managed a pipeline of more than 1,000 generic drugs and dozens of biosimilars. She led 3,500 international employees in that role.
Robert Wessman
She has also held roles at Gacell Laboratories, Omega Pharma, the generics firm Actavis (now owned by Teva) and Allergan (now part of AbbVie).
Wessman founded Alvotech in 2013 and began his stint as board chairman in 2019. He is also the former CEO of the generics firm Actavis, He also founded the pharma company Alvogen and is the founding partner of the Aztiq Group, an investment firm. Wessman is also the chairman of Lotus Pharmaceutical, which specializes in chemotherapy.
Hafrun Fridriksdottir
He founded several other companies, including Almatica Pharma and injectable drug firm Almaject.
According to Wessman, Alvotech is in the process of transitioning from an R&D focus and building a biosimilar platform to “the next phase of commercial operations, with manufacturing scale-up and sales in multiple global markets.”
Wessman also noted that he was “thrilled to welcome Hafrun, who is recognized for her strong leadership in the pharma business.”
Alvotech shares were down 2.38% to $6.15.