Alvotech rais­es $137M months af­ter FDA re­ject­ed Hu­mi­ra biosim­i­lar

Alvotech has com­plet­ed a pri­vate place­ment worth $137 mil­lion at $11.57 per share di­rect­ed on­ly in­to Ice­land, a lit­tle over a month af­ter an­nounc­ing a pri­vate place­ment to pay off a loan to Alvo­gen.

The biosim­i­lar com­pa­ny has been on the hunt for cash in the last few months, com­plet­ing two pri­vate place­ments as well as a fa­cil­i­ty loan in No­vem­ber that se­cured $136 mil­lion.

The place­ment for “pro­fes­sion­al clients or el­i­gi­ble coun­ter­par­ties” was tak­en from trea­sury shares held by Alvotech’s sub­sidiary, Alvotech Man­co, the com­pa­ny an­nounced Mon­day. The in­flux of cash will be used for “gen­er­al cor­po­rate pur­pos­es.”

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