Alvotech and Dr Reddy's enter into collaboration and license agreement for pembrolizumab
Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide (Alvotech), and Dr. Reddy's Laboratories announced that the companies have entered into a collaboration and license agreement to co develop, manufacture and commercialize a biosimilar candidate to Keytruda (pembrolizumab) for global markets.
Keytruda (pembrolizumab) is indicated for the treatment of numerous cancer types.
In 2024, worldwide sales of Keytruda were US$29.5 billion [1]. The collaboration combines Dr. Reddy's and Alvotech's proven capabilities in biosimilars, thereby, speeding up the development process and extending the global reach for this biosimilar candidate.
Under the terms of the agreement, the parties will be jointly responsible for developing and manufacturing the biosimilar candidate and sharing costs and responsibilities. Subject to certain exceptions, each party will have the right to commercialize the product globally.
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Hindustan Times
2 hours ago
- Hindustan Times
India-US trade negotiations hit top gear, American delegation extends Delhi stay
New Delhi: Intensive trade negotiations between India and the US gained momentum, with an American delegation extending its stay in New Delhi until next week as both sides work to finalise an early portion of their bilateral trade agreement, people aware of the matter said on Friday. The American negotiation team led by assistant US Trade Representative Brendan Lynch arrived in India on Wednesday and began face-to-face bilateral talks that stretched late into Thursday, according to one person familiar with the discussions. 'The discussions are positive and progressive, and moving in the right direction,' said one person, describing Friday's conversations as 'continuing in a similar manner.' Originally expected to wrap up their visit after Friday, the American team will now remain in Delhi until Tuesday (June 10), this person added, signalling the hectic nature of the negotiations as both countries race to beat a crucial July 9 deadline. The focus is on achieving common ground for greater market access by eliminating tariffs and non-tariff barriers before July 9, when an additional 16% reciprocal tariff on Indian goods is set to take effect unless an interim deal is reached, people aware of the matter have previously explained. 'During the visit of the US delegation, both sides are engaged in detailed discussions on various aspects of the proposed BTA in order to forge a pathway to realise the vision for bilateral trade and economic ties as laid down by the leaders of the two countries during their meeting in February 2025,' a second person said. 'An early harvest deal—mostly related to tariff reductions on goods and elimination of non-tariff barriers—could be finalised during the ongoing New Delhi round, provided both sides reach agreement on all matters involving the early deal,' said the person quoted in the first instance. Speaking from Brescia, Italy, on Thursday, Goyal told PTI that negotiations were progressing well and more US officials would reach New Delhi on Friday to join discussions with their Indian counterparts. The negotiations are complex and taking time because of the other American tariffs on specific Indian goods such as steel, aluminium, automobiles and auto components, the first person quoted above added. 'As per the leaders' statement, the deal between the two sovereigns must be mutually beneficial, hence all trade-related issues have to be addressed accordingly,' he said. The tariff disputes have created parallel tracks in India-US relations, with New Delhi maintaining World Trade Organisation complaints against American measures while simultaneously pursuing bilateral solutions through the BTA framework.
Mint
3 hours ago
- Mint
Xi Bets Trump Detente Leads to Future Wins on Chips, Tariffs
In the early hours of Wednesday, Donald Trump declared that Xi Jinping was 'VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!' Some 36 hours later, the US leader said he got what he wanted: A commitment to restore the flow of rare earth magnets. It's less clear what Xi got in return, apart from putting a lid on further punitive US measures. One of the few clear takeaways appeared to be an assurance for the US to welcome Chinese students, a major issue in China but also not one that would explain why Xi got on the phone after making Trump wait for months. By taking the call now, Xi appears to be betting that a reset in ties will lead to tangible wins in the weeks and months ahead, including tariff reductions, an easing of export controls and a generally more civil tone. The biggest sign of that was another round of talks — planned for Monday in London — that will now include US Commerce Secretary Howard Lutnick, who's in charge of curbs on the sale of advanced technology to China. Whether Xi will get any of that, however, now hinges on a famously erratic Trump administration in which views toward China differ drastically. 'This call provides tactical de-escalation for US-China relations,' said Sun Chenghao, a fellow at the Center for International Security and Strategy at Tsinghua University in Beijing. 'However, China's core demands — equal sanction relief, reciprocal enforcement mechanisms, and an end to tech containment — remain critical for sustainable agreements,' he added. 'Without substantive US adjustments in follow-up talks and policies, the consensus may not translate into long-term stability.' Investors were skeptical that relations between the world's biggest economies were finally on track, with China's CSI 300 Index little changed on Friday. While the two leaders spoke just days before Trump's inauguration, Xi had kept his US counterpart waiting for a phone call ever since as tensions rapidly escalated, with tariffs climbing well beyond 100% before the two sides agreed to lower them in Geneva last month. In recent days, Trump had looked like the more desperate of the two, seen by his repeated requests for a call capped off by his social media post at 2:17 a.m. on Wednesday. The call next day finally ended the longest post-inauguration silence between American and Chinese leaders in more than 20 years. 'We're in very good shape with China and the trade deal,' Trump told reporters on Thursday after the 90-minute conversation. 'I would say we have a deal, and we're going to just make sure that everybody understands what the deal is,' he added. The big immediate problem for the US was a lack of rare earth magnets essential for American electric vehicles and defense systems. After the Geneva meeting, the US side believed it had secured the flow of these materials, only to be disappointed when China kept its export licensing system in place, saying that exporters to the US still needed to apply just like everyone else. China, in turn, felt betrayed by a fresh wave of US restrictions on AI chips from Huawei Technologies Co., software for designing chips, plane engines and visas for upwards of 280,000 Chinese students. 'Both sides felt that the agreement in Geneva was being violated,' said Gerard DiPippo, associate director at the RAND China Research Center. From the White House's perspective, he said, 'China committed to send the magnets.' Although Xi flexed his muscles with the rare earths restrictions, he also has reasons to come to the table. China's economy is expected to slow sharply in the second quarter and come under pressure into the second half of the year, according to Morgan Stanley economists led by Robin Xing. 'Now the China pendulum is swinging back from 'political principle' of standing firm against the US to 'pragmatism' in support of a still fragile economy,' said Han Lin, China country director at The Asia Group. 'In other words, Beijing wants to de-escalate, and as long as there is a face-saving path for Xi to do so, now is better than never.' Xi can point to several things that indicate more is coming. The addition of Lutnick in upcoming trade talks, led in Geneva by Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, signals Trump may be willing to consider reversing some of the technology curbs that threaten to hobble China's long-term growth ambitions. Xi's statement after the call also made clear he expects the US to 'remove the negative measures taken against China,' which could include warnings against the use of Huawei's Ascend chips and restriction on the sale of chip design software to China. The two leaders also exchanged invitations to visit each other's country, events that will build momentum toward stabilizing the relationship with agreements on thorny issues spanning trade, export controls and people-to-people exchanges. Trump said their wives would also come along, adding to the positive optics. It's significant that Trump agreed to visit China first, according to Bert Hofman, professor at the East Asian Institute at the National University Singapore and former World Bank country director for China. 'Xi probably realized that a call would be in the Chinese interest given the eagerness of Mr. Trump to have one,' he said. 'This will accelerate talks and hopefully extend the truce beyond August,' he added, as the tariff reductions agreed in Geneva will expire in early September. But some analysts advised against being overly optimistic, pointing out the lack of details on key trade matters. 'There doesn't seem to be a deeper agreement that would prevent either side from taking additional negative actions, even as talks proceed,' said Kurt Tong, a former US consul general in Hong Kong and a partner at The Asia Group. That fragility is compounded by Trump's transactional approach to foreign policy and ties with China in particular. In January 2020, when Trump signed a Phase-One trade deal with Beijing, he said the relationship between the countries was 'the best it's ever been' before it quickly unraveled following the spread of Covid-19 around the globe. 'It would be unwise to bet that Trump has a vision for further negotiations that he won't abandon suddenly later on,' said Graham Webster, who leads the DigiChina project at Stanford University. Another area where Xi could see an early win is on the issue of fentanyl. Any deal to cooperate in blocking the flow of the drug to the US could immediately bring down American tariffs on Chinese imports by 20 percentage points. While the call helped to stem the negative trajectory of the relationship, the next two weeks will be crucial to confirm whether the truce will last, according to Wu Xinbo, a professor at Fudan University in Shanghai. He said China expects to see more progress on tariffs and US tech curbs. 'The call in itself is not a reward,' Wu said. 'What's important is what will come out of the call.' This article was generated from an automated news agency feed without modifications to text.
India Today
5 hours ago
- India Today
US suspends nuclear equipment exports to China amid escalating trade war: Report
The US in recent days suspended licenses for nuclear equipment suppliers to sell to China's power plants, according to four people familiar with the matter, as the two countries engage in a damaging trade suspensions were issued by the US Department of Commerce, the people said, and affect export licenses for parts and equipment used with nuclear power equipment suppliers are among a wide range of companies whose sales have been restricted over the past two weeks as the US-China trade war shifted from negotiating tariffs to throttling each other's supply chains. It is unclear whether a Thursday call between US President Donald Trump and Chinese President Xi Jinping would affect the suspensions. The US and China agreed on May 12 to roll back triple digit, tit-for-tat tariffs for 90 days, but the truce between the two biggest economies quickly went south, with the US claiming China reneged on terms related to rare earth elements, and China accusing the US of "abusing export control measures" by warning that using Huawei Ascend AI chips anywhere in the world violated US export controls. After Thursday's call, further talks on key issues were US Department of Commerce did not respond to a request for comment on the nuclear equipment restrictions. On May 28, a spokesperson said the department was reviewing exports of strategic significance to China."In some cases, Commerce has suspended existing export licenses or imposed additional license requirements while the review is pending," the spokesperson said in a statement. The Chinese Embassy in Washington did not immediately respond to a request for nuclear equipment suppliers include Westinghouse and Emerson EMR.N. Westinghouse, whose technology is used in over 400 nuclear reactors around the world, and Emerson, which provides measurement and other tools for the nuclear industry, did not respond to requests for suspensions affect business worth hundreds of millions of dollars, two of the sources also coincide with Chinese restrictions on critical metals threatening supply chains for manufacturers worldwide, especially America's Big Three could not determine whether the new restrictions were tied to the trade war, or if and how quickly they might be reinstated. Department of Commerce export licenses typically run for four years and include authorized quantities and many new restrictions on exports to China have been imposed in the last two weeks, according to sources, and include license requirements for a hydraulic fluids supplier for sales to license suspensions went to GE Aerospace for jet engines for China's COMAC aircraft, sources U.S. also now requires licenses to ship ethane to China, as Reuters reported first last week. Houston-based Enterprise Product Partners EPD.N said Wednesday that its emergency requests to complete three proposed cargoes of ethane to China, totaling some 2.2 million barrels, had not been said a May 23 requirement for a license to sell butane to China, in addition to the ethane, was subsequently withdrawn. Dallas-based Energy Transfer said it was notified on Tuesday about the new ethane licensing requirement, and planned to apply and file for an emergency sectors that have been hit with new restrictions include companies that sell electronic design automation software such as Cadence Design Systems CDNS.O.
