What Adalvo does

Adalvo is a B2B pharmaceutical company founded in 2018 by Anil Okay and headquartered in San Gwann, Malta. It develops pharmaceutical dossiers and out-licenses the resulting products to commercial partners, operating an end-to-end platform spanning R&D, regulatory affairs, manufacturing, and global commercialization. Its portfolio includes over 90 small-molecule generic products, more than 15 value-added 505(b)(2) formulations (with a CNS focus), and over 8 peptide products (including GLP-1s) targeting Oncology, Women's Health, Cardiovascular, CNS, anti-infectives, dermatology, and rare diseases, with one of the broadest diabetes portfolios in the industry. The company repeatedly secures European DCP and U.S. 505(b)(2) approvals, including first-to-market launches such as generic Brivaracetam in Croatia, generic Ivermectin cream in Germany (Europe's first generic alternative to Soolantra), and a pan-European Day-1 launch of generic Nintedanib Soft Gel Capsules.

Adalvo's business model is partner-centric and asset-light: it monetizes through licensing fees, milestone payments, and supply arrangements with a network of 170+ commercial partners across 140+ markets, and does not sell directly to patients. Distribution is executed through partners including Cipla (South Africa, U.S., Canada), STADA (Germany), Blanver (Brazil and LATAM), Cosmo Pharmaceuticals, SoliPharma, and Azurity Pharmaceuticals, alongside several European regional generic and value-added players. The company holds a co-developed proprietary complex topical formulation platform with SoliPharma and an EU patent on Lisdexamfetamine oral solution that was successfully defended before the EPO Opposition Division in February 2026. Headcount sits at 251-500, with claimed EBITDA doubling annually since inception.

The corporate timeline is recent but inflection-heavy. In July 2025, EQT acquired a majority stake in Adalvo from Aztiq (completing the transaction in October 2025) — an exit that represented Metric Capital's largest to date — providing the capital base for the next expansion phase. In August 2025, Adalvo announced the (partially completed) acquisition of a four-product branded pharmaceutical portfolio from Sandoz across 60+ markets, extending its model beyond dossier out-licensing. The leadership team has been rebuilt for scale, with new CFO Joan Fusté (effective 1 January 2025), CSCO Nick Kelly (effective 1 January 2025), and CLO Rannveig Borg Sigurðardóttir (appointed June 2026), joining existing senior leadership including Deputy CEO/CSO Martina Feitzinger, COO Andreas Kopp, CCO Arni Baldursson, Chief IP Officer Toni Santamaria, and a regional network of Business Development Directors covering Southern Europe, North/West Europe, LATAM, MENA, Brazil, APAC, and South-East Asia.

Name

Adalvo

Legal name

Adalvo Limited

Website

https://adalvo.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

251–500 employees

Short description

Adalvo is a Malta-based B2B pharmaceutical company developing and out-licensing generic, 505(b)(2), and peptide dossiers to 170+ commercial partners across 140+ markets. PE-backed by EQT since 2025, it ranks among the top three global B2B dossier developers with a broad specialty generics pipeline.

Ownership category

akta.pro rank

Product category

Generic Pharmaceuticals (B2B dossier development and out-licensing)

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Pharmaceutical Preparations (2834), Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Biologics & Biosimilars Distributors (HLAIAJAH)

akta.pro secondary industries

Generic APIs & Intermediates (Active Ingredients) (HLAIABAG), Specialty Injectable & Infusion Therapies (Cross-therapeutic) (HLAIACAO)

Keywords

• Generic pharmaceuticals
• Pharmaceutical out-licensing
• Dossier development
• Value-added medicines
• Specialty generics

Headquarters

HQ city

San Gwann

HQ country

Malta

HQ region

Europe

Offices15 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Licensing and Out-licensing: Adalvo develops dossiers and out-licenses products to commercial partners across 140+ markets. Revenue is generated through licensing fees, milestone payments, and supply arrangements with partners.
2. Product Development and Commercialization: End-to-end services from R&D through manufacturing to global commercialization, generating revenue through development fees, regulatory milestones, and product supply to partners.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Adalvo operates as a global B2B pharmaceutical company that develops dossiers and out-licenses generic, value-added 505(b)(2), peptide, and biosimilar pharmaceutical products to 170+ commercial partners across 140+ markets. The company runs an end-to-end platform spanning R&D, regulatory filing, manufacturing, and global commercialization, executing Day-1 launches following regulatory exclusivity expiry across Europe and international markets. Its portfolio covers specialty small molecules (90+), value-added 505(b)(2) products (15+), peptides including GLP-1s (8+), and 30+ differentiated technologies across oncology, CNS, women's health, cardiovascular, dermatology, anti-infectives, and rare diseases.

Product overview

Adalvo is a global B2B pharmaceutical company that operates as an end-to-end platform from R&D to manufacturing with superior capabilities in market access and global commercialization. The company offers a diversified portfolio across multiple therapeutic areas and product types: (1) Specialty Gx portfolio with 90+ small-molecule offerings focused on Oncology, Women's Health, Cardiovascular, and CNS; (2) Value-added 505(b)(2) portfolio with 15+ products focused on CNS; (3) Peptide portfolio with 8+ products focused on Rare Diseases and Diabetes; (4) Extensive generic pharmaceutical products including Letermovir, Linagliptin/Metformin, Dolutegravir, Tacrolimus, Avatrombopag, Brivaracetam, Ivermectin, Nintedanib, Tafamidis, Binimetinib, Apalutamide, Palbociclib, Semaglutide, and others; (5) Complex generics, peptides, and GLP-1s. The company specializes in dossier development and out-licensing across 140+ markets with 170+ commercial partners.

Differentiator

Problem solved

Functional benefit

Products and services

• Rifamycin SV MMX 200 mg (Aemcolo) Antibiotic designed to target the colon directly with reduced impact on gut bacteria, for traveler's diarrhea treatment. Marketed by Adalvo through joint launch with Cosmo Pharmaceuticals N.V.
• Generic Brivaracetam film-coated tablets Adjunctive therapy for partial-onset seizures in adults, adolescents, and children from age 2 with epilepsy. First generic Brivaracetam in Europe.
• Generic Ivermectin 10mg/g (1%) cream Topical treatment for inflammatory lesions associated with rosacea with dual anti-inflammatory and antiparasitic mechanism. First generic alternative to Soolantra in Europe.
• Nintedanib Soft Gel Capsules Tyrosine kinase inhibitor for Idiopathic Pulmonary Fibrosis (IPF), Chronic Fibrosing Interstitial Lung Diseases (PF-ILD), Systemic Sclerosis-Associated ILD (SSc-ILD), and Non-Small Cell Lung Cancer (NSCLC).
• Generic Palbociclib film-coated tablets First-line therapy for breast cancer; DCP approved in EU.
• Generic Linagliptin 5mg film-coated tablet DPP-4 inhibitor for type 2 diabetes; DCP approved with Spanish MA.
• Generic Tacrolimus topical ointment (0.03% and 0.1%) Non-corticosteroid therapy for moderate to severe atopic dermatitis (eczema); approved across EU markets.
• Generic Afatinib film-coated tablets (20, 30, 40, 50 mg) Generic film-coated tablets in 20, 30, 40, and 50 mg strengths; EU marketing authorisation via DCP.
• Generic Azacitidine tablets For oral maintenance therapy for patients with acute myeloid leukaemia; DCP approved.
• ARYNTA (Lisdexamfetamine dimesylate) Oral Solution Ready-to-use oral liquid for ADHD medication; available in the US through Azurity Pharmaceuticals.
• Onsolis (Fentanyl Citrate Buccal Film) For breakthrough cancer pain; a clinically established option for cancer patients.
• Generic Rivaroxaban Anticoagulant product launched across multiple global regions through strategic partners.
• Generic Apremilast For psoriatic arthritis and moderate-to-severe plaque psoriasis; Day-1 EU launch secured.
• Generic Dapagliflozin Blockbuster diabetes and cardiovascular treatment with first European launch in UK.
• Azelastine/Fluticasone nasal spray Based on Dymista reference brand, for seasonal and perennial allergic rhinitis; launched in European markets.
• Adapalene + Benzoyl Peroxide 0.1%/2.5% gel For acne treatment; launched in UK.
• Vyfocis capsules Addresses recognized clinical need with high-quality, affordable medicines; launched in South Africa with Cipla.
• Value-add oncology product line (two technically differentiated products) Two technically differentiated value-add oncology products distributed in Latin America through Blanver partnership.
• Complex topical dermatology product (SoliPharma collaboration) High-barrier, first-to-file topical dermatology asset developed with SoliPharma's proprietary topical formulation platform for global markets.
• Differentiated oncology asset (US 505(b)(2) / Canada Value-Added Medicine) Technically differentiated oncology asset for the United States (505(b)(2) filing) and Canada (Value-Added Medicine), partnered with Cipla USA Inc. for distribution.
• Sandoz branded product portfolio (four products across 60+ markets) Four well-established branded pharmaceutical products acquired from Sandoz across more than 60 markets, including Tegundin and others.
• Specialty Gx small-molecule portfolio (90+ products) Over 90 small-molecule portfolio offerings across Oncology, Women's Health, Cardiovascular & CNS therapeutic areas available for out-licensing and supply to global partners.
• Value-Added 505(b)(2) portfolio (15+ products) Value-added product portfolio with 15+ products and a strong focus on CNS, including differentiated formulations.
• Peptide portfolio (8+ products including GLP-1s) 8+ peptide portfolio with a focus on Rare Diseases and Diabetes, including GLP-1s such as Semaglutide.

Quantifiable outcome

• 69 Marketing Authorisation Approvals in January 2024 alone
• +5 more outcomes

Named customers5 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Rannveig Borg Sigurðardóttir (Chief Legal Officer)minorOthers · 8 June 2026Appointment of Rannveig Borg Sigurðardóttir as Chief Legal Officer, based in Switzerland, reporting directly to CEO Anil Okay. She brings over 20 years of international legal leadership spanning M&A, capital markets, corporate governance, compliance, and strategic commercial negotiations.
• BlanvercoreChannel Partner/ Reseller/ Distributor · 19 May 2026Strategic distribution partnership with Brazilian pharmaceutical company Blanver for two technically differentiated, value-add oncology products. This agreement strengthens Adalvo's growing presence in Latin America and demonstrates commitment to expanding access to high-quality, complex medicines through best-in-class commercial partners.
• CiplacoreChannel Partner/ Reseller/ Distributor · 14 May 2026Expanded strategic partnership for the launch of Vyfocis® capsules in South Africa, representing a significant step in both companies' commitment to the South African market. Also includes distribution partnership for North America (US and Canada) bringing a technically differentiated oncology asset to patients.
• Joan Fusté (Chief Financial Officer)minorOthers · 30 April 2026Appointment of Joan Fusté as Chief Financial Officer, bringing over 20 years of finance leadership experience across private equity-backed companies and multinational corporations in the pharmaceutical and healthcare industries.
• Nick Kelly (Chief Supply Chain Officer)minorOthers · 30 April 2026Appointment of Nick Kelly as Chief Supply Chain Officer, with more than two decades of supply chain leadership across the pharmaceutical sector spanning branded, generic, and medical device organisations.
• SoliPharma (Hangzhou SoliPharma Co., Ltd.)coreStrategic or Co-development Partner · 27 April 2026Exclusive global development, licence and supply collaboration for a complex topical dermatology product. Combines SoliPharma's deep expertise in topical and transdermal formulation science with Adalvo's proven track record in bringing complex, high-barrier pharmaceutical products to global markets. Both companies are actively exploring expanding the collaboration across additional topical and specialty pharmaceutical products.
• STADAcoreChannel Partner/ Reseller/ Distributor · 23 April 2026Partnership with STADA, one of Europe's leading generics and branded medicines companies, for the commercial launch of generic Ivermectin 10mg/g (1%) cream in Germany — believed to be Europe's first generic alternative to Soolantra (Galderma).
• Cosmo Pharmaceuticals N.V.coreStrategic or Co-development Partner · 1 September 2023Joint launch of Rifamycin SV MMX 200 mg (Aemcolo) in September 2023 between Malta-based Adalvo and Ireland-based Cosmo Pharmaceuticals N.V. Rifamycin SV MMX is an antibiotic designed to target the colon directly with reduced impact on gut bacteria, addressing traveler's diarrhea treatment.
• Azurity PharmaceuticalsminorChannel Partner/ Reseller/ DistributorCommercial partnership with Azurity Pharmaceuticals for the availability of ARYNTA™ (lisdexamfetamine dimesylate) Oral Solution in the U.S. market, offering a ready-to-use oral liquid option for ADHD medication.

Scale indicators14 records

Recent moves7 records

Expansion highlights8 records

Direct peers

• Stada Arzneimittel: Private European generics and specialty pharma company with a strong B2B out-licensing and Day-1 launch focus across Europe. Highly comparable as both companies target differentiated generics and value-added medicines through channel partnerships.
• Polpharma Group: Polish generics and API manufacturer with broad European footprint and out-licensing model. Comparable as a European-headquartered B2B pharmaceutical company developing generic dossiers and supplying partners across multiple markets.
• Krka: Slovenian generic pharmaceutical company with strong European, Eastern European, and CIS market presence. Comparable as a European generics player with broad product portfolio and out-licensing/distribution partnerships in 70+ markets.
• Aurobindo Pharma: Indian-headquartered global generics manufacturer with strong dossier development, API integration, and out-licensing capabilities. Comparable as a vertically integrated generics player with Day-1 launch expertise across multiple therapeutic areas.
• Glenmark Pharmaceuticals: India-based global pharmaceutical company with branded generics, specialty, and out-licensing businesses. Comparable as a B2B pharmaceutical company with global dossier development and differentiated formulation strategies.

Broad incumbents

• Sandoz Group: Global generics and biosimilars leader spun off from Novartis with significantly larger scale. Comparable as a major global generics and biosimilars player; Adalvo actually acquired four branded products from Sandoz in 2025.
• Teva Pharmaceutical Industries: World's largest generic drug manufacturer with global distribution and broad therapeutic portfolio. Comparable as a leading global generics player, though much larger scale; competes for Day-1 launch opportunities and partner relationships.
• Viatris: Global pharmaceutical company formed by Mylan-Upjohn combination with extensive generics and branded portfolio. Comparable as a global generics heavyweight with multi-market regulatory and commercial infrastructure that overlaps with Adalvo's partner network.

Others

• Alvotech: Biosimilars-focused sister company from the same founding ecosystem (Adalvo CEO Anil Okay was CCO at Alvotech). Related through shared history and leadership, with overlapping B2B pharmaceutical capabilities in biosimilars vs. Adalvo's generics.
• Alvogen: Privately-held US-based generics and specialty pharma company; originally the parent ecosystem for Adalvo's founding team. Comparable as a B2B-focused pharmaceutical company with private equity backing and global generics portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/adalvopr

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Adalvo