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

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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Related Contacts
Michal Berkner Partner London
Div Gupta Partner New York
Nicolas H.R. Dumont Partner New York
Jarrett Burks Associate London
Vlad Herta Associate London
Chi Vo Kavanaugh Associate London
Wouter Deleersnyder Associate New York
Sonia Nath Partner Washington, DC
Elisabethann Wright Partner Brussels
Phil Mitchell Partner New York
Aaron Pomeroy Partner Colorado
Barbara Mirza Partner Los Angeles, Palo Alto
Stacey A. Bradford Special Counsel Washington, DC
Rick Jantz Associate Los Angeles
Stella Sarma Special Counsel Brussels, London
Jennifer Shanley Associate New York
Ivor Elrifi Partner New York, Boston
Sharon Connaughton Special Counsel Washington, DC
David Boles Partner London
Alexandria Ashour Associate San Diego
Chris Coulter Partner London
David Dalton Associate San Francisco
Neelam Atwal Associate London
Chris Stack Partner London
Alan W. Tamarelli Partner New York
Karen Tsai Special Counsel Washington, DC
Wyatt Kernell Associate New York
Reid Hooper Special Counsel Washington, DC
Megan Browdie Partner Washington, DC
Sanya Sukduang Partner Washington, DC
Alessandra Murata Partner Palo Alto
Natasha Leskovsek Of Counsel Washington, DC
James Maton Partner London
Shehzad Akram Paralegal London
Sarah Oliai Associate Washington, DC
Barbara Borden Partner San Diego
Nicola Squire Associate London
Peter Byrne Partner New York
Claire Keast-Butler Partner London
Charles George Associate London
Jill Simon Senior Paralegal New York