Alvotech upsizes oversubscribed PIPE transaction to $175 million

Biosimilars focussed Icelandic company Alvotech Holdings and Oaktree Acquisition Corp. II (Oaktree II) (NYSE: OACB), a special purpose acquisition company sponsored by an affiliate of Oaktree Capital Management, today announced $21 million in additional commitments for a private placement (PIPE) of Oaktree II common stock in connection with their proposed business combination.

The upsized PIPE, totaling approximately $175 million and entirely raised as common stock at $10.00 per share, is driven by increased interest from premier Icelandic investors, including Arctica Finance, Arion Bank, and Landsbankinn. This $21 million is in addition to other top-tier investors including Suvretta Capital, Athos (the Strüngmann Family Office), CVC Capital Partners, Temasek Holdings, Farallon Capital Management, and Sculptor Capital Management, among others.