Special Purpose Acquisition Company (SPAC) Oaktree Acquisition Corp. II OACB,
announced a merger agreement that would take Iceland-based biopharmaceutical company Alvotec Holdings SA public, in a deal that values the combined company at $2.25 billion. Oaktree stock is still dormant in premarket trading. The deal is expected to provide Alvotec with $450 million in gross proceeds. Following the closing of the deal, which is expected in the first half of 2022, the company’s stock is expected to trade on the Nasdaq under the ticker symbol “ALVO.” Alvotec is focused on developing biosimilar drugs, and currently has seven products in its pipeline that address core products treating conditions in autoimmunity, ophthalmology, osteoporosis and oncology. Oaktree stock has gained 0.3% over the past three months, while the iShares Biotechnology ETF IBB,
and the S&P 500 SPX has fallen 17.2%,
increased by 1.6%.