Press Release

Alvotech Agrees to Merge With SPAC Oaktree Acquisition Corp. II

Transaction to accelerate company’s mission of bringing cost-effective biosimilars to patients in all major markets around the globe
December 9, 2021

London – December 9, 2021 – Cooley advised Alvotech Holdings, a global biopharmaceutical company focused on the development and manufacturing of biosimilar medicines for patients worldwide, on its agreement to merge with special purpose acquisition company (SPAC) Oaktree Acquisition Corp. II. Lawyers Michal Berkner, Div Gupta, Nicolas Dumont and Jarrett Burks led the Cooley team advising Alvotech.

The business combination is expected to deliver gross proceeds to Alvotech of more than $450 million, which includes approximately $250 million from Oaktree Acquisition Corp. II’s trust account, as well as a $50 million equity commitment from existing shareholders, and in excess of $150 million from private placement investors, including funds managed by Suvretta Capital, Athos, CVC Capital Partners, Temasek, Farallon Capital Management, Sculptor Capital Management, and premier Icelandic investors Arctica Finance, Arion Bank and Landsbankinn, among others.

The combined company will have an implied initial enterprise value of approximately $2.25 billion and will be well positioned to continue investing in the growth of its biosimilar pipeline. Upon completion of the transaction, the company’s securities are expected to be traded on Nasdaq under the symbol ALVO.

“Alvotech is in a unique position to impact the global healthcare ecosystem in a positive way and transform patients’ lives. Biosimilar medicines can increase access for patients whilst lowering cost for healthcare systems, and that helps to align our mission with all of our stakeholders,” Mark Levick, CEO of Alvotech, said in a news release. “We believe this transaction will accelerate our ability to achieve our vision, and we could not be more excited about what the future holds for Alvotech.”

Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products and services, enabled by a fully integrated approach and broad in-house capabilities. The company’s current pipeline contains seven biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis and cancer.

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