Biosimilar Maker Alvotech to Combine With SPAC Oaktree Acquisition II

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Colin Kellaher. By

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Iceland biosimilar maker Alvotec Holdings SA on Tuesday unveiled plans to go public through a combination with blank-check company Oaktree Acquisition Corp II.

Alvotech and Oaktree said the combined company would have an estimated initial venture value of approximately $2.25 billion, adding that the deal would provide Alvotech with $450 million in gross proceeds, with $250 million held by Oaktree and as a private investment. Known fundraising includes $150 million. in public equity, or PIPE.

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The companies said existing investors of Alvotec are rolling over 100% of their equity and have committed to invest an additional $50 million before the end of the year.

Alvotec, founded in 2013 in Reykjavik, is focused on developing and manufacturing biosimilars, which are near-copies of biologic drugs that are made from living cells and resemble generic copies of conventional medicines. Alvotec’s most advanced product is AVT02, a biosimilar candidate to AbbVie Inc.’s blockbuster Humira, the world’s best-selling drug.

Upon completion of the transaction, scheduled for the first half of 2022, the combined company will be traded on Nasdaq under the symbol ALVO.

Oaktree, a special purpose acquisition company backed by Oaktree Capital Management, went public in September 2000.

Write to Colin Kellaher at [email protected]

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