Business
Settlement of Alvotech Private Share Placement Completed
Alvotech (NASDAQ: ALVO), a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide, announced
About this update from Alvotech
[{"type":"text","content":"Alvotech (NASDAQ: ALVO), a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide, announced today the completion of the equity transaction announced on January 23, 2023 (the “Private Share Placement”) with the transfer to the counterparties of a total of 11,834,061 treasury shares previously held by Alvotech’s subsidiary Alvotech Manco ehf. The net cash proceeds of the Private Share Placement are expected to be used for general corporate purposes and to reduce reliance on other funding sources for the foreseeable future, including the Standby Equity Purchase Agreement facility with YA II PN, Ltd (“Yorkville”). The offer or sale of the Shares was made in an overseas directed offering directed solely into Iceland to professional clients or eligible counterparties in accordance with European Parliament and Council Directive 2014/65/EC, and in accordance with local laws and customary practices and documentation. This communication is being issued pursuant to and in accordance with Rule 135c under the U.S. Securities Act, is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or elsewhere, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The Shares have not been, and will not be, registered under the United States Securities Act, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. About Alvotech Alvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech’s current pipeline contains eight biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leve...