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Alvotech Value Rises Again As Portion Of Debt Is Wiped Away

Bondholders Convert Debt To Equity

 
• By Dean Rudge

Icelandic biosimilars specialist Alvotech has eased some of its liability to bondholders following a debt-to-equity conversion, at the same time as it improved terms and extended its maturity.

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Alvotech issued a $300m convertible bond at the end of 2018 • Source: Shutterstock

Alvotech’s creditors have expressed confidence in the fledgling business and strengthened its balance sheet, electing to convert a portion of debt into equity “at an exercise price that gives the company a pre-money valuation of $2.7bn.”

Through a private bond offering at the very end of 2018, the Icelandic biosimilars specialist raised $300m to further develop its biosimilar assets, “fuel continued growth” and to refinance existing debt

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