Alvotech, a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, announced that it has accepted an offer from investors for the sale of 10,127,132 of its ordinary shares, for an approximate value of $166 million at a purchase price of $16.41 per share, or ISK 2,250 per share at foreign exchange rates on February 23, 2024. The Shares are expected to be delivered to the Investors from previously issued treasury shares held by Alvotech’s subsidiary, Alvotech Manco ehf. The Transaction will be made on the Nasdaq Iceland Exchange.
A final binding offer for the Shares was made by the Investors and accepted by Alvotech this morning, on February 26, 2024. Alvotech intends to use the net proceeds from the Transaction for general corporate purposes and working capital, to strengthen its production capacity and to support expected biosimilars launches.
The offer or sale of the Shares was made in an overseas directed offering directed solely into Europe to professional clients or eligible counterparties by the European Parliament and Council Directive 2014/65/EC, and per local laws and customary practices and documentation.
This communication 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.
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