Alvotech PIPE Financing Round Overshoots By $21m

Icelandic Firm Now Anticipates $475m Gross Proceeds Via SPAC Merger

“Testament to the strong interest we have received from long-term investors as we continue our business combination with Oaktree II,” Alvotech is now set to raise in excess of $175m from an upsized PIPE financing round, representing $21m of additional commitments.

fund raising
Alvogen is set to merge with a black check company • Source: Alamy

A private financing round with funds launched as part of Alvotech’s proposed merger with a special purpose acquisition company has oversubscribed by $21m, driven by increased interest from investors in the biosimilar firm’s native Iceland.

As a result, Alvotech now anticipates raising at least $175m from the private investment in public equity financing round being...

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