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Alvotech - ALVO STOCK NEWS

Welcome to our dedicated page for Alvotech news (Ticker: ALVO), a resource for investors and traders seeking the latest updates and insights on Alvotech stock.

Alvotech (NASDAQ: ALVO) is a global biopharmaceutical company specializing in the development and manufacturing of high-quality biosimilar medicines aimed at enhancing patient access to affordable treatments worldwide. Established in 2013, the company has committed itself to becoming a leader in biogenerics, focusing on the creation of cost-effective biosimilars that meet stringent quality standards. Alvotech operates through a fully integrated model, addressing every step from cell line development to commercial manufacturing.

Alvotech's headquarters in Reykjavik, Iceland hosts a state-of-the-art flexible manufacturing facility that underscores the company's commitment to high-quality and efficient production. The company's portfolio includes biosimilars for autoimmune disorders, eye conditions, osteoporosis, respiratory diseases, and cancer. Alvotech has successfully launched two biosimilars and is actively working on nine more candidates.

In recent developments, Alvotech announced positive top-line results for AVT05, a proposed biosimilar to Simponi® and Simponi Aria®, and has received FDA approval for AVT04, a biosimilar to Stelara®. The company is also advancing in its U.S. strategic partnership with Teva Pharmaceuticals for the high-concentration interchangeable biosimilar to Humira®, marketed under Quallent’s private label. Financially, Alvotech reported increased revenues of $37 million in Q1 2024 and strengthened its position with a strategic refinancing transaction led by GoldenTree Asset Management, enhancing its financial flexibility and reducing upcoming debt maturities.

Alvotech's global reach is bolstered by strategic commercial partnerships with renowned pharmaceutical companies like Teva, STADA Arzneimittel AG, Fuji Pharma Co., Ltd., and many others. These collaborations extend across the United States, Europe, Japan, China, and several other regions, leveraging local expertise to provide expansive market access.

For more information on Alvotech and to stay updated with the latest news, visit www.alvotech.com.

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Alvotech and STADA are expanding their strategic alliance for biosimilars by extending their partnership to include AVT03, a biosimilar candidate for Prolia®/Xgeva® (denosumab). This medication targets osteoporosis and cancer-related bone loss. Under the agreement, Alvotech will handle development and manufacturing, while STADA will manage commercialization in Europe, including Switzerland and the UK, as well as selected countries in Central Asia and the Middle East.

The partnership also extends STADA's commercial rights for Humira® and Stelara® biosimilars to CIS countries in Central Asia. Alvotech regains commercial rights to AVT06, a proposed Eylea® biosimilar. This expansion builds on their successful collaboration, which has already launched Hukyndra®, a high-concentration Humira® biosimilar, in Europe.

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Alvotech (NASDAQ: ALVO), a global biotech firm, has successfully secured a strategic refinancing deal led by GoldenTree Asset Management, involving multiple institutional investors. This transaction provides a senior secured first lien term loan of up to $965 million in two parts: a $900 million term loan at SOFR plus 6.5% interest, and a $65 million optional term loan at SOFR plus 10.5% interest. The funding is set to mature in June 2029, with disbursement expected in July 2024.

Alvotech aims to utilize these funds to refinance outstanding debts maturing in 2025 and bolster its working capital for upcoming product launches. Chief Finance Officer Joel Morales emphasized that the facility would enhance financial flexibility and support long-term growth, projecting significant revenue growth and market expansion for Alvotech's biosimilars.

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Alvotech (NASDAQ: ALVO), a global biotech firm focused on biosimilar medicines, has finalized a senior secured first lien term loan facility. This refinancing includes a $900 million first lien term loan and a $65 million second lien, second out term loan. The total gross borrowings balance now stands at $1,035 million, with a cash balance of $185 million. The facility aims to reduce capital costs and improve debt maturity, with loans maturing in June 2029. The $900 million tranche bears an interest rate of SOFR plus 6.5% per annum, while the $65 million tranche bears SOFR plus 10.5% per annum. The funds will support Alvotech’s development pipeline and upcoming biosimilar product launches. CFO Joel Morales emphasized that this transaction enhances their long-term growth strategy.

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Alvotech (NASDAQ: ALVO) has announced positive topline results from a confirmatory patient study for AVT03, a proposed biosimilar to Prolia® (denosumab) and Xgeva® (denosumab). The study successfully demonstrated clinical similarity in terms of efficacy, safety, immunogenicity, and pharmacokinetics in postmenopausal women with osteoporosis. Approximately 532 participants were involved, with results used to support additional indications for Xgeva. Two additional studies comparing pharmacokinetics, safety, and tolerability also met their primary endpoints. Alvotech plans to file marketing applications for AVT03 later this year targeting major global markets.

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Alvotech (NASDAQ: ALVO), a global biotech firm specializing in biosimilar medicines, has issued 22,073,578 new ordinary shares to holders of subordinated convertible bonds. These bonds, originally issued on November 16, 2022, and December 20, 2022, mature on December 20, 2025. The shares were exchanged at a fixed price of $10.00 per share. Most bondholders converting to shares are existing shareholders. Post-conversion, Alvotech's total issued shares are 324,801,040, with 301,944,470 outstanding shares. The new shares will be delivered within seven business days.

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Alvotech (NASDAQ: ALVO) announced record preliminary financial results for Q2 2024, highlighting significant growth in revenues and EBITDA. The company reported preliminary total revenues between $196 - $201 million for the second quarter and $233 - $238 million for the first six months, marking a tenfold increase year-over-year. Product revenues from biosimilars to Humira and Stelara reached $51 - $54 million for Q2 and $63 - $66 million for the first half, representing a 180% increase. Preliminary milestone revenues are $145 - $147 million for Q2 and $169 - $171 million for H1 2024. The company achieved a record preliminary adjusted EBITDA of $98 - $103 million for Q2 and $60 - $65 million for H1, reversing a loss of ($178) million in the same period of 2023. CEO Robert Wessman highlighted the role of debt refinancing in achieving these results and driving future growth.

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Alvotech (NASDAQ: ALVO), a global biotech firm specializing in biosimilar medicines, announced that the majority of its subordinated convertible bonds will be converted into ordinary shares on July 1, 2024. The bonds, issued on November 16 and December 20, 2022, will mature on December 20, 2025. Conversion will occur at a fixed price of $10.00 per share. Approximately 22.1 million new shares are expected to be issued based on current exchange rates. The conversion involves two tranches: ISK-denominated bonds valued at ISK 25.5 billion (~$183 million), converting into 18.3 million shares, and USD-denominated bonds valued at $37.98 million, converting into 3.8 million shares. An additional $116.68 million in USD-denominated bonds remains unconverted.

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Alvotech (NASDAQ: ALVO) and Advanz Pharma have signed a commercialization agreement for Alvotech's proposed biosimilar to Eylea® (aflibercept) in Europe. The biosimilars, AVT06 (low dose) and AVT29 (high dose), target eye disorders like wet AMD and diabetic retinopathy, with Eylea® sales in Europe reported at $2.9 billion in 2023. Alvotech will handle development and supply, while Advanz Pharma will manage registration and commercialization, with exclusive rights in Europe except for semi-exclusive rights in Germany and France. The agreement includes upfront and milestone payments to Alvotech. This partnership expands their collaboration to seven biosimilar candidates. Recent studies showed AVT06 met its primary endpoint, proving therapeutic equivalence to Eylea®.

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Alvotech and STADA announced an expanded strategic alliance to market Alvotech’s biosimilar AVT03, referencing Prolia®/Xgeva® (denosumab), in Europe, including Switzerland and the UK, as well as selected markets in Central Asia and the Middle East. This partnership builds on their existing collaboration for biosimilars to Humira® and Stelara®. Alvotech will develop and manufacture AVT03, while STADA will handle marketing upon regulatory approval. Additionally, Alvotech regains commercial rights to its biosimilar AVT06, referencing Eylea® (aflibercept). The expansion aims to offer cost-effective biosimilars to patients, particularly for osteoporosis and cancer-related bone loss.

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Alvotech (NASDAQ: ALVO), a global biotech firm specializing in biosimilars, has secured a strategic refinancing deal led by GoldenTree Asset Management and other institutional investors. The agreement includes a senior secured first lien term loan facility up to $965 million, split into two tranches: a $900 million term loan with an interest rate of SOFR plus 6.5% per annum, and an optional $65 million term loan with an interest rate of SOFR plus 10.5% per annum. The facility matures in June 2029 and is set to be funded in July 2024. Proceeds will refinance existing debt maturing in 2025 and support working capital for upcoming product launches. Joel Morales, CFO, emphasized the facility's role in bolstering financial flexibility and sustaining long-term growth.

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FAQ

What does Alvotech specialize in?

Alvotech specializes in the development and manufacturing of high-quality biosimilar medicines aimed at making treatments more affordable and accessible globally.

Where is Alvotech headquartered?

Alvotech is headquartered in Reykjavik, Iceland.

What are some recent achievements of Alvotech?

Recently, Alvotech announced positive top-line results for its AVT05 biosimilar and received FDA approval for AVT04, a biosimilar to Stelara. The company also secured a strategic refinancing transaction led by GoldenTree Asset Management.

Who are Alvotech's key commercial partners?

Alvotech's key commercial partners include Teva Pharmaceuticals, STADA Arzneimittel AG, Fuji Pharma Co., Ltd., and Cipla among others, extending its market reach across the U.S., Europe, Japan, China, and more.

How does Alvotech ensure high-quality production?

Alvotech ensures high-quality production through its state-of-the-art flexible manufacturing facility located in Reykjavik, Iceland, and a fully integrated model addressing every step from cell line development to commercial manufacturing.

What is the financial outlook for Alvotech in 2024?

Alvotech has raised its revenue guidance for 2024 to $400-$500 million and tightened its guidance for EBITDA to $100-$150 million, driven by rapid progress in commercialization and development.

What are biosimilars?

Biosimilars are biologic medical products highly similar to already approved reference products, offering comparable quality, safety, and efficacy at a lower cost.

What diseases do Alvotech's biosimilars target?

Alvotech's biosimilars target autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and various cancers.

How does Alvotech contribute to global healthcare?

Alvotech contributes to global healthcare by developing cost-effective biosimilar medicines, increasing access to life-altering therapies, and forming strategic partnerships to maximize global reach.

Where can I find more information about Alvotech's investor relations?

More information about Alvotech's investor relations can be found on their investor portal at https://investors.alvotech.com.

Alvotech

NYSE:ALVO

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3.61B
301.94M
63.76%
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