Shares of Alvotech (NASDAQ: ALVO) were up as much as 28.1% this week, according to data from S&P Global Intelligence. The stock closed last week at $6.36, then opened this Monday at $6.40. Its shares hit a high of $8.15 on Thursday morning.

It was a big week for the biotech company, which specializes in biosimilars. On Wednesday, it said it was launching Hukyndra (adalimumab), a biosimilar used to treat various autoimmune disorders, in Belgium, Bulgaria, Croatia, the Czech Republic, Latvia, Romania, and Slovenia. The drug represents further biosimilar competition to Abbvie blockbuster Humira (adalimumab), the word's top-selling drug last year, other than COVID-19 vaccines. 

Alvotech is able to sell Hukyndra in Eastern Europe through a partnership with German generic maker STADA. Alvotech will supply STADA with pre-filled injectables of Hukyndra made in Alvotech's labs in Reykjavik, Iceland, and STADA will distribute the therapy through its various subsidiaries. Until now, the drug was only available in Austria, Estonia, Finland, France, Germany, Lithuania, Slovakia, Sweden, and Switzerland. 

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Source Fool.com