This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Alvotech develops biosimilar medicines, including equivalents to Humira (adalimumab) and Entyvio (vedolizumab). FDA and EMA regulatory pathways for biosimilars require comparative preclinical pharmacokinetic and toxicity studies, which Alvotech conducts using in vivo animal models. The company's AVT02 and AVT80 candidates passed through these mandatory preclinical animal gates prior to human pharmacokinetic trials. With an active pipeline of over a dozen biosimilar candidates targeting immunology, bone disease, and ophthalmology, comparative non-clinical animal studies are a structural component of the company's regulatory strategy.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.