On October 27, 2020 Biopharmaceutical company Alvotech reported that its parent company, Alvotech Holdings SA, has successfully completed a $65 million private placement round (Press release, Alvotech, OCT 27, 2020, View Source [SID1234569141]). 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.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
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.
"Alvotech has established itself as one of the leading biopharmaceutical companies in the world. Through strategic commercial partnerships with many of the top global and regional pharmaceutical companies, Alvotech is well positioned to accelerate the introduction and adoption of new biosimilars for patients around the world," said Robert Wessman, founder and chairman of Alvotech.
He continues: "I am delighted to welcome such a prestigious group of new investors who all bring significant experience and resources to aid Alvotech in continuing its journey."
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.