‘Completely focused on what we do best’

In the past eight years, Adalvo has achieved significant growth, even on a European level. What are the key elements that have fuelled this growth?

Adalvo was founded in 2018 with a very clear idea of what it wanted to be — a B2B platform that could develop high-quality generic dossiers and commercialise them globally through partners, rather than trying to own the entire supply chain. That focus has been central to everything.

The growth comes down to a combination of efforts working together. First, a genuinely differentiated scientific capability. We work across more than 30 formulation technologies and around 15 therapeutic areas, and we actively pursue complex products that other companies find too difficult or commercially unattractive. That creates real value for partners who want access to differentiated medicines, not commodity generics.

Second, we have built a commercial network that enables us to work with more than 170 commercial partners across over 140 markets. This is not something that happens by accident – rather, it takes years of relationship building, trust, and consistent delivery. Those partnerships are a genuine competitive asset.

And third, the speed at which we operate. We have completed over 1,100 product launches since founding, with more than 4,000 marketing authorisation approvals globally. That track record reflects a team and a model built around execution.

Adalvo has adopted an asset-light operating model for its growth. What key advantages does this model guarantee?

The asset-light model is not just a financial choice, but also a strategic one. By not owning manufacturing plants or running a frontline sales force, we can stay completely focused on what we do best, which is dossier development, regulatory strategy, and commercial partnership management.

In practice, it means we can access over 30 manufacturing technologies through our CMO network without being locked into any single production capability. That flexibility lets us take on complex molecules and niche formulations that a vertically integrated company would struggle to justify investing in.

It also means we can move quickly. When a partner needs something in a specific market, we are not waiting for internal capacity or fighting over factory schedules. We can mobilise the right CMO, the right regulatory pathway, and the right commercial partner relatively quickly.

The model does require strong orchestration and genuine expertise to manage well, but when you get it right, it is genuinely scalable in a way that asset-heavy pharma simply is not.

How critical is the Malta hub to this expansion?

Malta is not just our headquarters — it is the operational and regulatory engine that enables us to operate globally across more than 140 markets.

For a business with this level of international reach, having a European base that combines strong regulatory oversight with global connectivity is essential. Malta offers that balance. It gives us a credible platform within the European regulatory framework while allowing us to stay agile and internationally focused.

Over the past years, we have built a highly international team based in Malta, bringing together expertise across regulatory affairs, science, and commercial strategy. This has effectively positioned Malta as a centre of pharmaceutical know-how supporting global markets.

More broadly, Adalvo reflects a new generation of pharmaceutical companies that are being built out of Malta — globally connected, scientifically advanced, and commercially driven. As we continue to grow, we see Malta remaining at the core of our identity and a key contributor to our future success.

What are the challenges in operating in different markets and cultures? And how are you meeting these challenges?

The honest answer is that complexity is baked into what we do. Operating across more than 140 countries with different regulatory agencies, reimbursement systems, commercial norms, and cultural expectations is genuinely demanding.

The way we address it is through our partner model. We do not try to be a local commercial operator in every market. Instead, we work with partners who already understand their markets, have the relationships, and know how to navigate the local environment. Our job is to give them the best possible product, the right regulatory dossier, and the commercial support to succeed.

Internally, we invest a lot in the quality of our regulatory affairs and scientific teams. Ensuring consistency and quality across thousands of submissions in dozens of jurisdictions requires serious capability and rigorous processes. That is something we have built deliberately over the years.

One of the most significant turning points in Adalvo’s recent journey has been its acquisition by EQT. What added value has this acquisition given Adalvo?

EQT brings more than capital, although the investment is obviously significant. What it brings is the kind of institutional backing that accelerates the parts of the business that require long-term investment: R&D, pipeline development, talent, and infrastructure.

EQT has a strong track record in healthcare and life sciences specifically, so they understand the regulatory cycles, the commercial dynamics, and the timelines involved. That is valuable. They are not a generalist investor looking for a quick exit. They are a genuine strategic partner.

For us, it validates the model. EQT looked at the B2B pharmaceutical space and saw Adalvo as the platform worth backing. That gives us confidence, it gives our commercial partners confidence, and it gives us the resources to accelerate towards our ambitions.

Your mission is clearly stated as becoming Europe’s top B2B pharma company. Beyond investment, what does it entail to achieve this vision?

It requires doing a lot of things consistently well over a sustained period of time, which is harder than it sounds.

On the scientific side, it means continuing to push into more complex products, more formulation technologies, and more therapeutic areas. The first GLP-1 global approval in regulated markets was a milestone for us, and we have plenty more programmes in the pipeline. That is the kind of scientific ambition that sets a top-tier company apart.

On the commercial side, it entails deepening our partner relationships and continuing to grow the network. We already work with 170 plus partners globally, but the quality and depth of those partnerships matters as much as the number.

And perhaps most importantly, it requires the right people. Building and retaining a team of scientists, regulatory experts, and commercial professionals who are genuinely among the best in the industry is not optional. It is the whole thing.

Such growth obviously creates the need for human resources. What talent is Adalvo looking to recruit?

We are looking for people who are genuinely expert in what they do and who thrive in a fast-moving, commercially focused environment. This is not a company where you can hide behind process. You need to be sharp, adaptable, and motivated by outcomes.

On the scientific and regulatory side, we are always looking for people with deep expertise in complex generics, peptides, and biosimilars. The formulation and regulatory landscape we operate in requires real technical depth.

As Adalvo scales, we are committed to growing our teams across all our hubs — with Malta at the forefront of that ambition. Our goal is to double our headcount on the island over the coming years, with a particular focus on building out capabilities in finance, IT, legal, regulatory affairs, quality, and CMC.

Pharma is a relationship business at its core, and people who can build and sustain those relationships at a senior level are always valuable to us.

More broadly, we want people who are energised by the idea of making genuinely complex medicines accessible in markets where patients have historically had limited options. That is the purpose behind the commercial model, and the best people we have are motivated by it.

What further growth should be expected in the coming years?

We are targeting significant revenue growth over the coming years, with a clear pipeline of products, partnerships, and geographic expansion to support it. We are aiming to be the top B2B Generic Pharmaceutical business in Europe by 2027. The biosimilar and peptide pipeline represents a different order of scientific and commercial value than standard small molecule generics, and that will become more visible as those programmes progress.

EQT’s investment means we have the resources to pursue that pipeline seriously, to deepen our regulatory capabilities, and to grow the team in a way that matches the ambition. The foundation is strong. The next phase is about building on it at scale.