The biotechnology company Alvotech announced today that it intends to hold an underwritten share offering in the United States, where it is assumed that the value of the bonds will amount to 125 million dollars or 15.6 billion Icelandic krónur.
As stated in the notice to the Exchange, the company has also authorized the auction managers to buy an additional 15% of the shares offered at the auction price, within 30 days, minus the discount and commission.
Make subscription agreements with specific investors
Along with the open tender, the company expects to conclude subscription agreements with certain investors who are institutional investors or authorized counterparties in the European Economic Area (EEA).
According to Alvotech, the proceeds from the sale of the bonds will be used to finance the development of new analog biotech drugs, in working capital and to cover operating costs, including to protect the company’s drug innovation, general operating expenses, investments in fixed assets, purchase of equipment, in collaborative projects, preclinical and clinical research, in product development, preparation for the marketing of new drugs and for debt repayment or refinancing.
The joint managers of the public offering are the investment banks BofA Securities, Jefferies and Evercore ISI.
