Alvotech Announces Closing of Public Offering and Concurrent Private Placement

Alvotech announced the closing of its underwritten public offering and the full exercise of the underwriters' option to purchase additional shares, raising approximately $98 million. Concurrently, the company entered into subscription agreements for a private placement expected to raise approximately $67 million. The total gross proceeds from both offerings are expected to be approximately $165 million. Alvotech plans to use these proceeds to fund the development of its biosimilar assets, for working capital, and general corporate purposes. The company also detailed its pipeline of biosimilar candidates and its global commercial partnerships. The press release includes forward-looking statements regarding the completion and timing of the private placement and the use of proceeds, subject to various risks and uncertainties.