Biosimilar drug company Alvotech to go public through Oaktree Acquisition

According to people with knowledge of the matter, Alvotech Holdings SA, a company that produces and develops so-called biosimilar drugs, is going public in the U.S. through a merger with a blank-check firm backed by Oaktree Capital Management.

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Iceland-based Alvotech will merge with Oaktree Acquisition Corp. II in a deal that values the company at $2.25 billion, including debt, asking not to be identified for discussing private information.

The deal includes a $150 million equity placement led by investors such as Suvretta Capital, CVC Capital Partners and Singapore s Temasek Holdings Pte. The people said something.

Representatives for Alvotech and Oaktree Acquisition didn't want to say anything.

Alvotech, founded by Chairman Robert Wessman, announced in November 2020 that the U.S. Food and Drug Administration and the European Medicines Agency had approved its application for an immune-suppressing drug similar to Humira, with a decision expected this year. A statement in September said that the FDA deferred action on the application.

In October of this year, the company will dismissal of a trade-secrets lawsuit filed by Humira maker AbbVie Inc. in federal court in Chicago. Alvotech is still facing a patent-infringement lawsuit brought by AbbVie.

In 2018 Bloomberg reported that Alvotech considered an initial public offering in Hong Kong. It raised $300 million in a private convertible note offering at the time and committed to going public within three years.

Oaktree Acquisition raised $225 million in an initial public offering last year. The special purpose acquisition company, or SPAC, is sponsored by an affiliate of Oaktree Capital, the Los Angeles-based investment firm. None The Fall of a Russian Cyberexecutive Who Went Against the Kremlin