Alvotech has commenced an underwritten public offering of its ordinary shares and a concurrent private placement, expecting combined gross proceeds of approximately $125 million. The company also plans to grant underwriters a 30-day option to purchase up to an additional 15% of the shares sold in the public offering. BofA Securities, Jefferies, and Evercore ISI are acting as joint book-running managers for the offering. Alvotech intends to use the net proceeds to fund continued development of its biosimilar assets, working capital, and general corporate purposes.
AlvotechAlvotech launches a $125 million public offering and private placement, diluting existing shareholders.