Oaktree Acquisition II in an 8-K filing disclosed it has added $21 million to an oversubscribed PIPE that will help fund its pending merger with biopharmaceutical company Alvotech.
Artica Finance, Arion Bank and Landsbankinn are the lead investors in the latest PIPE addition. The PIPE now stands at approximately $175 million.
The deal carries an implied enterprise value of $2.25 billion.
As announced last month, 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. Read more.
If approved, the combined company is expected to trade on the Nasdaq under ALVO. Read more.
