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Alvotech’s Wessman Sets Out Next Steps On Biosimilars Journey

Founder And Chairman Robert Wessman Talks Partnerships, In-Licensing And Strategy

 
• By Dave Wallace

Alvotech ended 2021 by revealing major plans for a SPAC merger that will provide fresh impetus for the biosimilars specialist with an injection of almost $500m in funding. In the first part of an exclusive two-part interview, founder and chairman Robert Wessman tells Generics Bulletin how the firm plans to move forward following the transaction.

Robert Wessman, founder and CEO of Alvogen
Robert Wessman reveals plans for the future of Alvotech • Source: Alvotech/Alvogen

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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