Ice­landic bil­lionare's biosim­i­lar com­pa­ny rais­es $450M, preps for Nas­daq launch with SPAC merg­er

As Ice­landic bil­lion­aire Róbert Wess­man tries to take down Ab­b­Vie’s megablock­buster Hu­mi­ra in court, he’s al­so tak­ing his biosim­i­lar up­start to the big time with a $2.25 bil­lion SPAC merg­er, Nas­daq launch and $450 mil­lion raise an­nounced ear­ly Tues­day.

While Wess­man’s Alvotech has not won FDA ap­proval for any of its biosim­i­lar can­di­dates yet, the com­pa­ny was the first to file with the FDA for ap­proval of its high-con­cen­tra­tion Hu­mi­ra biosim­i­lar and to have suc­cess­ful­ly con­duct­ed a switch­ing study in sup­port of a high­ly-cov­et­ed in­ter­change­abil­i­ty des­ig­na­tion. But oth­er com­pa­nies like Am­gen, Boehringer In­gel­heim and Pfiz­er have since caught up ahead of the launch­es of their own Hu­mi­ra biosim­i­lar com­peti­tors in 2023.

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