Alvotech announced today that its parent company, Alvotech Holdings SA, has successfully completed a $65 million private placement round. This has resulted in the company issuing new shares to a group of new investors and existing shareholders, which will further finance the development and release of its biosimilar candidates. This $65 million round is part of Alvotech's $100 million private placement round with a second closing expected shortly.
The first round of the private placement raised $65 million in gross proceeds and the transaction attracted strong interest from high quality institutional investors in Asia, U.S. and Europe. The new share issue values Alvotech at $1.5 billion.
The consortium of new investors includes: Shinhan, Baxter and ATHOS (Strüngmann Family Office), together with Alvogen and Aztiq Pharma as existing shareholders. Aztiq Pharma, led by Robert Wessman, remains a majority shareholder of Alvotech, while CVC Capital Partners and Temasek hold a significant stake in the company through its ownership in Alvogen.