Biopharmaceutical company Alvotech Holdings plans to merge with Oaktree Acquisition II in a deal with an implied enterprise value of $2.25 billion.
If approved, the combined company is expected to trade on the Nasdaq under ALVO.
The combination is expected to deliver gross proceeds to Alvotech in excess of $450 million (assuming no redemptions). This includes cash proceeds of approximately $250 million from Oaktree II’s trust account, in excess of $150 million from PIPE investors, including funds managed by Suvretta Capital, Athos (the Strüngmann Family Office), CVC Capital Partners, Temasek, YAS Holdings, Farallon Capital Management, Sculptor Capital Management and premier Icelandic investors including Arctica Finance, Arion Bank, and Landsbankinn; and a $50 million equity commitment from existing shareholders to be funded prior to the end of 2021. Read more.
