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Biopharma company Alvotech to go public in $2.25 bln SPAC deal

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Biopharmaceutical company Alvotech Holdings SA said on Tuesday it plans to list in New York by merging with a blank-check company backed by Oaktree Capital Management, in a deal that values the combined entity at around $2.25 billion.

The Iceland-based company will receive gross proceeds of $450 million from the deal, including $150 million from a private placement in public equity backed by Temasek, CVC Capital Partners and funds managed by Suvretta Capital among others., a special purpose acquisition company , raised $225 million through an initial public offering in September last year.A SPAC is a listed shell company that merges with a private entity to take it public by sidestepping a traditional IPO.

The drugmaker has partnered with pharmaceutical companies in 60 countries and counts Teva Pharmaceutical Industries LtdThe company said it has received license fee commitments of up to $1.15 billion under these partnerships, about 80% of the amount is still to be collected.

 

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