Alvotech Announces Closing of Public Offering and Full Exercise by Underwriters of Option to Purchase Additional Shares, Raising an Aggregate of $165 Million with Concurrent Private Placement

Alvotech has closed its underwritten public offering of 26,066,667 ordinary shares at $3.75 per share, including the full exercise by underwriters of their option to purchase 3,400,000 additional shares, generating approximately $98 million in gross proceeds before expenses.

In a concurrent private placement, Alvotech sold an additional 17,8 million ordinary shares at the same price of $3.75 per share, raising about $67 million in gross proceeds.

The total gross proceeds from the public offering, including the full exercise of the underwriters’ option, and the concurrent private placement amount to approximately $165 million, before underwriting discounts, commissions, and offering expenses.

Alvotech intends to use the net proceeds to fund the continued development of its biosimilar assets, working capital, general corporate purposes, research and development, commercial activities, intellectual property protection, and potential debt repayment or refinancing.