Alvotech SA, a global biotech firm that focuses on the development and manufacturing of biosimilar medicines, has completed a private placement directed towards Swedish and international institutional investors. Approximately 40 institutional investors participated, with a significant portion of demand coming from Sweden, Norway, and the UK, as well as US-based funds. Over 80% of the allocated shares and Swedish Depositary Receipts (SDRs) went to new investors. The placement involved the transfer of 7.5 million treasury shares previously held by Alvotech's subsidiary. This initiative aims to diversify and strengthen Alvotech's shareholder base and increase the free float of SDRs on Nasdaq Stockholm. Róbert Wessman, chairman and CEO of Alvotech, expressed enthusiasm for the new shareholders joining the company's journey in the biosimilars industry.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.