Iceland-based Alvotech (Nasdaq: ALVO) announced the pricing of a combined underwritten public offering and concurrent private placement totaling approximately USD 152 million in gross proceeds, with capital directed toward advancing its biosimilar pipeline and addressing balance sheet obligations. The raise, which exceeded the USD 125 million initially targeted when the offering was first announced on June 15, 2026, reflects demand that allowed Alvotech to upsize the transaction by roughly 22% at pricing.
The public offering comprises 22,666,667 ordinary shares priced at USD 3.75 per share, generating approximately USD 85 million in gross proceeds before underwriting discounts and expenses. Underwriters hold a 30-day option to purchase up to an additional 3,400,000 shares at the same price, which if exercised in full would increase the public offering component to approximately USD 98 million. Concurrent with the public offering, Alvotech entered into subscription agreements with institutional investors in the European Economic Area — described as professional clients or eligible counterparties — to sell 17,826,666 ordinary shares at USD 3.75 per share in a private placement exempt from US Securities Act registration, generating approximately USD 67 million in additional gross proceeds. Both tranches were priced at the same per-share level, and the combined transaction would rise to approximately USD 165 million if the overallotment option is exercised in full. BofA Securities, Jefferies, and Evercore ISI acted as joint book-running managers. No specific named investors were disclosed for the private placement.
Alvotech is an Iceland-headquartered, fully integrated biosimilar company focused exclusively on the development and manufacture of biosimilar medicines. It operates manufacturing facilities in Iceland and has built a global commercial network spanning the US, Europe, Japan, and other markets through partnerships with regional distributors. Five biosimilars are currently approved and marketed across multiple jurisdictions, referencing adalimumab (Humira), ustekinumab (Stelara), golimumab (Simponi/Simponi Aria), aflibercept (Eylea), and denosumab (Prolia/Xgeva). The development pipeline includes nine additional disclosed biosimilar candidates targeting autoimmune disorders, eye diseases, osteoporosis, respiratory conditions, and cancer.