Biosimilar Player Alvotech To Go Public Via $2.5B Oaktree SPAC Merger

Biopharmaceutical company Alvotech Holdings SA plans to list on NASDAQ under the symbol ALVO 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 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.
Oaktree Acquisition Corp II OACB, a special purpose acquisition company (SPAC), raised $225 million through an initial public offering in September last year.
The drugmaker has partnered with pharmaceutical companies in 60 countries.
In September, Alvotech said the FDA had deferred action on its biologics license application for AVT02, its biosimilar for AbbVie Inc's ABBV arthritis drug, Humira.
AbbVie also filed a lawsuit against Alvotech alleging theft of trade secrets, which a U.S federal judge dismissed in October.
The deal is expected to close in 1H of 2022.
Morgan Stanley and Credit Suisse advised Alvotech on the deal while Deutsche Bank Securities advised the SPAC.
Price Action: OACB shares are up 0.23% at $9.88 during the market session on the last check Wednesday.