– Alvotech is a leading pure play biosimilar platform focused on the development and manufacture of high-quality biosimilar medicines for global markets. Biosimilars are therapeutic equivalents to biologics, a rapidly growing category of highly efficacious medicines
– Transaction will enable further investment in the Alvotech platform and portfolio, accelerating the Company’s mission of bringing cost-effective biosimilars to patients in all major markets around the globe
– Combined company to have an implied initial enterprise value of approximately $2.25 billion and the transaction is expected to deliver gross proceeds in excess of $450 million to Alvotech (assuming no redemptions) to fund its growth trajectory
– Top-tier investors, including Suvretta Capital, Athos (the Strüngmann Family Office), CVC Capital Partners, Temasek, YAS Holdings, Farallon Capital Management, Sculptor Capital Management, and premier Icelandic investors including Arctica Finance, Arion Bank, and Landsbankinn, are anchoring an oversubscribed ~$150 million common equity PIPE at a $10.00 per share entry price
– All existing Alvotech investors are rolling 100% of their equity and existing shareholders have committed an additional $50 million investment in conjunction with the transaction that will fund prior to the end of 2021
Alvotech Holdings S.A., a leading global biopharmaceutical company focused solely on the development and manufacture of biosimilar medicines for patients worldwide, and Oaktree Acquisition Corp. II, a special purpose acquisition company sponsored by an affiliate of Oaktree Capital Management, L.P. (“Oaktree”), announced today that they have entered into a definitive merger agreement. Upon completion of the transaction, the combined company’s securities are expected to be traded on NASDAQ under the symbol “ALVO.”