As 2021 drew to a close, biosimilars specialist Alvotech revealed long-awaited plans for a public listing by announcing a deal to merge with a special purpose acquisition company in partnership with global investment giant Oaktree Capital Management.
The move is expected to provide Alvotech with around $475m in gross proceeds, with Oaktree putting around $250m into a trust under the proposed merger, which is due to close in the by the end of the first half of 2022. Meanwhile, a private investment in public equity financing round is now expected to provide $175m, on top of a $50m equity commitment from existing shareholders
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