Private Financing Round Values Alvotech At $1.5bn
Icelandic Firm Plans To Raise $100m
Having previously announced plans for a public listing, biosimilars company Alvotech has raised tens of millions of dollars though a private placement of new shares, providing further firepower to develop its vast portfolio of candidates.
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With “many pipeline products coming to the market in the next two years,” Alvogen’s US operation has raised fresh capital via a share issue to Aztiq Pharma, the private equity fund led by Alvogen CEO Robert Wessman.
Icelandic biosimilars specialist Alvotech has eased some of its liability to bondholders following a debt-to-equity conversion, at the same time as it improved terms and extended its maturity.
Alvotech has completed a $100m private placement after concluding a second found of funding worth $35m. The move comes as the company prepares to commercialize its portfolio of biosimilars through a series of partnerships.