Shilpa Medicare and Orion Corporation Partner to Co-Develop Nivolumab Biosimilar for European Market
Key Insights
Shilpa Biologicals and Finland-based Orion Corporation signed a co-development and exclusive supply agreement for an intravenous nivolumab biosimilar targeting the European market.
The partnership targets a European market opportunity of approximately USD 4.1 billion, based on IQVIA/IMS data showing nivolumab sales in 2025.
Shilpa will lead product development and serve as exclusive long-term manufacturer from its EU-GMP-compliant biologics facility in Dharwad, India.
Shilpa Medicare Limited, through its wholly owned subsidiary Shilpa Biologicals Private Limited, has entered into a co-development and exclusive supply agreement with Finland-based Orion Corporation for an intravenous nivolumab biosimilar, the company disclosed in regulatory filings. The partnership aims to capitalize on the impending loss of exclusivity of the originator drug to expand patient access to high-quality, EU-GMP-manufactured biosimilars across Europe.
The collaboration targets a substantial market opportunity: nivolumab, a blockbuster oncology drug in the PD-1 (search) immunotherapy class, recorded sales of approximately USD 4.1 billion in Europe during 2025, according to IQVIA/IMS data cited in the company's investor communications.
Partnership Structure and Scope
Under the terms of the agreement, Shilpa Biologicals will lead product development and serve as the exclusive long-term commercial manufacturer and supplier for the European market from its advanced biologics facility in Dharwad, India. Orion Corporation will hold the exclusive right to register, market, distribute, and sell the product across Europe, acting as the Marketing Authorization holder in the territory.
Shilpa is entitled to receive development and regulatory milestone payments from Orion, in addition to supply revenue over the life of the partnership. The agreement combines Shilpa's manufacturing capabilities with Orion's established commercial and regulatory expertise in the European pharmaceutical market.
Strategic Context and Pipeline Momentum
This partnership represents the second major collaboration between the two companies, following an earlier agreement to bring Shilpa's Recombinant Human Albumin to Europe. The nivolumab biosimilar deal further solidifies Shilpa Medicare's growing presence in the biosimilar and biologics space.
The announcement comes amid strong financial momentum for Shilpa Medicare. The company reported record quarterly revenue of ₹469 crore in Q1FY27, a 43% year-on-year increase, with EBITDA rising 42% to ₹139 crore and net profit more than doubling to ₹101 crore. The formulations business, which includes biosimilar development, witnessed revenue growth exceeding 100% year-on-year, driven by sharp increases in US markets (₹45 crore), Europe (₹57 crore), and domestic sales (₹24 crore).
Market Opportunity in PD-1 (search) Immunotherapy
Nivolumab is one of the world's most widely used cancer immunotherapies, targeting the PD-1 (search) pathway to restore anti-tumor immune responses. The biosimilar development program aims to widen patient access to advanced immuno-oncology therapy while easing pressure on healthcare budgets across European markets.
The partnership also aligns with Shilpa Medicare's broader strategic investments in manufacturing capacity. The company has been expanding its oncology API block and peptide synthesis capabilities, supported by a recent credit rating upgrade from A+ to AA-, which management indicated would lower the future cost of capital for expansion projects.
Beyond the Orion partnership, Shilpa Medicare has also secured Gate2Brain as its fourth partnership for a novel asset, taking a stake in the company to serve as its integrated CMC partner for G2B-002, an orphan drug-designated oncology asset for brain cancer (search). The Board approved an investment of up to EUR 7 million by Shilpa Biocare Private Limited in Gate2Brain, executed through a combination of cash infusion, equity for services, and project development.