Alvotech PIPE Financing Round Overshoots By $21m
Icelandic Firm Now Anticipates $475m Gross Proceeds Via SPAC Merger
“Testament to the strong interest we have received from long-term investors as we continue our business combination with Oaktree II,” Alvotech is now set to raise in excess of $175m from an upsized PIPE financing round, representing $21m of additional commitments.
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Alvotech has delivered on indications that it would look to collaborate on certain biosimilar opportunities in future, striking a licensing deal with BiosanaPharma that will see the two firms partner to co-develop an omalizumab biosimilar rival to Xolair.
Alvotech ended 2021 by revealing major plans for a SPAC merger that will provide fresh impetus for the biosimilars specialist with an injection of almost $500m in funding. In the first part of an exclusive two-part interview, founder and chairman Robert Wessman tells Generics Bulletin how the firm plans to move forward following the transaction.
A delay in FDA approval for partner Alvotech’s proposed high-concentration biosimilar version of Humira has not concerned Teva, especially after the product was approved by the EMA at the end of last year. There “shouldn’t really be any challenges here,” management says.