Iceland-based Alvotech announced that the pureplay biosimilars company is debuting on the public market starting June 16.
Alvotech, a global pureplay biosimilars developer and manufacturer based in Reykjavik, Iceland, announced that public trading of its ordinary shares and warrants on the Nasdaq stock market starting June 16, 2022.
The company shares will be listed under the ticker symbol “ALVO” and its warrants will be listed under “ALVOW.”
“Becoming a public company is a historic milestone on Alvotech’s growth journey…. We expect that becoming a listed company will allow us to continue strengthening our position in the biosimilar space while delivering value to our partners and patients across the globe,” said Robert Wessman, founder and executive chairman of Alvotech, in a statement.
The public listing will represent the largest debut on a US stock exchange by an Icelandic company. Ordinary shares are also expected to trade on the Nasdaq First North Growth Market in Iceland beginning on June 23, 2022. Alvotech said that it will be the first dual-listed Icelandic company on both a US and Icelandic stock exchange.
This follows the completion of Alvotech’s business combination with Oaktree Acquisition Corp II (OACB), a special purpose acquisition company affiliated with Oaktree Capital Management. The merger was approved on June 7 by OACB shareholders, assisting the advancement of Alvotech in the global biosimilar market.
"Oaktree is proud to be associated with Alvotech, a world-class biosimilar platform with a mission-critical focus on providing important drugs at a reduced cost…. We look forward to the continuation of our relationship as the company enters its next phase of growth,” said Howard Marks, co-founder and co-chairman of Oaktree.
Alvotech’s lead product AVT02, an adalimumab biosimilar to Humira, has launched in Canada and Europe and is under review with the FDA. The company said that it anticipates a US launch on July 1, 2023. Of the over 8 companies looking to bring an adalimumab biosimilar to market, Alvotech is one of the few seeking an interchangeable designation for a high-concentration, citrate-free formulation of their candidate.
In addition to AVT02, Alvotech is also working on an ustekinumab biosimilar referencing Stelara, an omalizumab candidate to Xolair, a denosumab biosimilar to Prolia/Xgeva, a golimumab candidate to Simponi, an aflibercept biosimilar to Eylea, and 2 other undisclosed biosimilar candidates.
Alvotech has signed commercialization agreements with other big players in the biopharmaceutical industry, such as Teva Pharmaceuticals, STADA Arzneimittel, and Fuji Pharma.
The transaction will be supported by a Private Investment in Public Equity (PIPE) amounting to about $175 million, raised fully as ordinary shares, at $10 per share. The PIPE is backed by several investors, including Suvretta Capital, Athos, CVC Capital Partners, Temasek Holdings, YAS Holdings, Farallon Capital Management, and Sculptor Capital Management.