Alvotech Stock Price, News & Analysis

Alvotech (NASDAQ: ALVO) has completed a private placement of approximately US$59.7 million through subordinated convertible bonds. The proceeds will mainly replace a US$50 million unsecured subordinated loan from Alvogen. The bonds will mature in 36 months and bear a 15% annual PIK coupon for the ISK tranche and 12.5% for the USD tranche. Holders can convert these bonds into shares at US$10 per share within specific timeframes. The company aims to strengthen its financial position and streamline its debt obligations.

Alvotech (NASDAQ: ALVO) announced the transition of its shares from the Nasdaq Iceland First North Growth market to the Main Market effective December 8, 2022. This move is expected to enhance visibility, potentially allowing for inclusion in domestic and global indexes. Alvotech is the first dual-listed Icelandic company in both the U.S. and Iceland, having debuted in June 2022. Founder Robert Wessman will ring the Nasdaq Iceland closing bell to celebrate this milestone.

Alvotech (NASDAQ: ALVO) and STADA have expanded the launch of Hukyndra (adalimumab), a high-concentration, citrate-free biosimilar, into Belgium, Bulgaria, Croatia, Czech Republic, Latvia, Romania, and Slovenia. This follows its initial introduction in nine European countries. The partnership aims to enhance access to biologics for autoimmune conditions while leveraging Alvotech's manufacturing capabilities in Iceland. Hukyndra is already approved in the EU, Norway, and other countries, with ongoing reviews in multiple regions, including the U.S.

Nasdaq Iceland has approved Alvotech S.A. for admission to trading on the Nasdaq Iceland Main Market. The shares will transition from the First North Market to the Main Market after the prospectus is passported to Iceland. Alvotech has been listed in the US since June 16, 2022, and will retain the ticker symbol ALVO on the Main Market. The Board of Directors previously approved this transition on August 12, 2022. Alvotech specializes in developing biosimilar medicines, targeting markets worldwide, with a diverse pipeline of eight biosimilar candidates.

Alvotech (NASDAQ: ALVO) has announced key leadership changes effective January 1, 2023. Mark Levick will step down as CEO, with Robert Wessman, the Executive Chairman and founder, assuming the CEO role. Hafrun Fridriksdottir, formerly of Teva, will take over as Chief Operating Officer. Wessman aims to steer Alvotech into a new growth phase, focusing on commercial operations and manufacturing scale-up.

These changes come as the company transitions from R&D to commercial strategies for its biosimilars, with a pipeline of eight candidates targeting various serious health issues.

Alvotech S.A. has submitted an application to Nasdaq Iceland for its shares to be traded on the Nasdaq Iceland Main Market under the ticker symbol “ALVO.” This application is currently pending approval. Alvotech's shares are already trading on the Nasdaq Stock Market in the U.S. and the Nasdaq First North Growth Market. The company's Board of Directors announced the plan to move its listing to the Nasdaq Main Market in Iceland on August 12, 2022.

Alvotech (NASDAQ: ALVO) has successfully secured approximately $136 million in financing to advance its biosimilar pipeline, as announced on November 16, 2022. This includes a $70 million upsize of existing senior bonds and a $50 million unsecured loan from Alvogen, a major shareholder. Additionally, Alvotech is acquiring its Reykjavik manufacturing facility for $80 million using an unsecured convertible bond and will refinance secured loans for around $16 million. These moves aim to enhance operational flexibility and support the development of eight biosimilar candidates.

Alvotech (NASDAQ: ALVO) reported a remarkable revenue increase for the first nine months of 2022, reaching $59.2 million compared to $2.0 million in 2021. The company is progressing talks with the U.S. FDA regarding its biologic license applications for AVT02, targeting a U.S. launch on July 1, 2023. Furthermore, Alvotech has submitted marketing applications for AVT04 in major markets and expanded its partnership with JAMP Pharma. Total cash and equivalents stood at $12.8 million, despite significant debts of $518.6 million, while the net loss narrowed to $193.1 million.

Alvotech (NASDAQ: ALVO) announces that its biosimilar AVT02, a high-concentration, low-volume formulation of adalimumab, has received marketing authorization from the Therapeutic Goods Administration in Australia. Marketed under the names Ciptunec™ and Ardalicip™, this biosimilar is now available for various indications, including rheumatoid arthritis and Crohn's disease. This is the first biosimilar resulting from Alvotech's partnership with Cipla, aiming to enhance access to affordable biologics in Australia and other regions.