The biotech firm secured $98 million in a public offering and expects an additional $67 million from a private placement.
Alvotech (NASDAQ:ALVO) completed a public offering of 26,066,667 ordinary shares at $3.75 per share, raising $98 million in gross proceeds. The underwriters fully exercised their option to purchase additional shares, boosting the total raised from the offering.
The company also announced a concurrent private placement of 17,826,666 shares at the same price, expected to close by June 25 and add $67 million. Combined, the transactions will generate $165 million in gross proceeds, increasing Alvotech’s total issued shares to 390,431,480.
Proceeds will fund biosimilar portfolio development, working capital, R&D, and potential debt repayment. BofA Securities, Jefferies, and Evercore ISI managed the public offering.