CVS launches biosimilar manufacturing subsidiary

CVS unveiled Cordavis, a new subsidiary focused on biosimilars in the U.S., on Aug. 23.

In 2024, the business plans to partner with Novartis' Sandoz to co-produce and market Humira biosimilar Hyrimoz (adalimumab-adaz) for more than 80 percent less than the biologic's price, which is nearly $7,000 a month. 

"The Cordavis products will be FDA approved, high quality and easy for patients to use and will help ensure consistent long-term supply of affordable biosimilars," CVS said in a statement. 

The Cordavis launch coincides with a workforce restructuring of about 2 percent of its total workforce. CVS is cutting 5,000 jobs and has filed WARN notices for laying off 2,705 workers across nine states. 

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