On June 8, 2022 Alvotech Holdings SA ("Alvotech SA"), a global biotech company focused exclusively on developing and manufacturing biosimilar drugs for patients worldwide, and Oaktree Acquisition Corp. II ("OACB") (NYSE: OACB), a special purpose acquisition company sponsored by a subsidiary of Oaktree Capital Management, LP ("Oaktree"), reported that their previously announced business combination between Alvotech SA, OACB and the legal entity named Alvotech, previously named Alvotech Lux Holdings SAS, with Alvotech as its surviving entity (the "Business Combination") was approved by the shareholders of OACB in (Press release, Alvotech, JUN 8, 2022, View Source [SID1234615774])
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It is expected that the Business Combination will be completed (on or about) June 15, 2022, subject to the satisfaction of all other applicable closing conditions. Alvotech’s common stock is expected to trade under the ticker symbol "ALVO" on the Nasdaq Stock Market in New York and the Nasdaq First North Growth Market in Reykjavik, and Alvotech’s warrants are expected to trade on the Nasdaq Stock Market in New York under the mnemo "ALVOW".
"This is an exciting time for the Alvotech team, our partners, and anyone who wants more affordable, high-quality biologic medicines," said Robert Wessman, Founder and Chairman of the Board of Alvotech. "Since the company was founded a decade ago, we have been dedicated to expanding patient access to life-changing treatments."
"Alvotech becomes a publicly traded company at a pivotal time for the healthcare industry globally, when demand for increased affordability and accessibility has never been greater," said Zaid Pardesi, Director Financier and Head of M&A, Oaktree Acquisition Corp II. "We are proud of this partnership with a company that is transforming the lives of patients and improving the sustainability of healthcare systems, and we look forward to continuing to work alongside the Alvotech team to achieve their goal of become a leading provider of biosimilars in all major global markets."