Alvotech, a global biotech company focused on the development and manufacture of biosimilar medicines, made its market debut on the Nasdaq today under new ticker symbols ALVO and ALVOW for shares and warrants.
This follows the completion of the company’s business combination with Oaktree Acquisition II. The merger was approved June 7 by OACB shareholders.
The public listing is expected to be the largest debut on a U.S. exchange by an Icelandic company, according to a news release. Ordinary shares of the company are also expected to trade on the Nasdaq First North Growth Market in Iceland commencing June 23. Alvotech is expected to be the first dual-listed Icelandic company on both a U.S. and Icelandic stock exchange.
As announced in December, the combination with Oaktree II was expected to deliver gross proceeds to Alvotech in excess of $450 million. The deal has an implied enterprise value of $2.25 billion. Read more.
