(Corrects headline and intro to say the offering was not IPO)
On Thursday, Alvotech (ALVO), a biotechnology company based in Iceland, announced the commencement of an underwritten public offering of its ordinary shares as well as a concurrent private placement.
The company expects to grant underwriters a 30-day option to purchase up to an additional 15 percent of the ordinary shares at the public offering price.
Concurrent with the offering, the company expects to enter into subscription agreement with certain investors that are professional clients or eligible counterparties in the European Economic Area. Following the article 1(4) of Regulation (EU) 2017/1129, the company will issue and sell ordinary shares to investors at the public offering price of the offering.
The net proceeds from the offering and the concurrent private placement are expected to be around $125 million, which will be used to fund the continued developments of biosimilar assets, as well as working capital and general corporate purposes.
BofA Securities, Jefferies and Evercore ISI are acting as joint book-running managers for the offering.
In the pre-market activity on the Nasdaq, the shares were trading 0.64 percent up at $3.94, after closing Wednesday's regular trading at 1.16 percent high.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.