Alvotech (NASDAQ: ALVO), a global biotech company specializing in
the development and manufacture of biosimilar medicines for
patients worldwide, today announced that holders of the majority of
subordinated convertible bonds, originally issued by Alvotech on
November 16, 2022, and December 20, 2022, respectively, with
maturity on December 20, 2025 (the “Convertible Bonds”) have
elected to convert the principal and accrued interest into ordinary
shares of Alvotech at the fixed conversion price of US$10.00 per
share on the last scheduled conversion date prior to maturity,
which is July 1, 2024 (the “Conversion Date”).
On the Conversion Date, Alvotech will issue new shares to the
holders that have exercised their right to convert their
Convertible Bonds. The total number of new shares that will be
issued and delivered will depend on the prevailing exchange rate of
the Icelandic krona against the U.S. dollar on June 27, 2024. Based
on the current exchange rate, Alvotech estimates that approximately
22.1 million new shares will be issued. Pursuant to terms of the
Convertible Bonds, the newly issued shares shall be delivered no
later than seven business days after the Conversion Date.
The Convertible Bonds were issued in two tranches, denominated
in Icelandic krona (ISK) and U.S. Dollars (USD), respectively. The
ISK denominated Convertible Bonds were listed on the Nasdaq First
North growth market in Iceland under the symbol ALVCVB251220.
All holders of the ISK denominated Convertible Bonds (“Tranche A
Bonds”) exercised their right to conversion. The aggregate value of
these bonds, with accrued interest, is ISK 25,483,970,823 (USD
183,127,126 at the current exchange rate), which will be converted
into ordinary shares at the conversion price of USD 10.00 per
share, at the exchange rate published by the Central Bank of
Iceland on June 27, 2024. Based on current exchange rates, Alvotech
estimates that approximately 18.3 million new shares will be issued
to holders of Tranche A Bonds.
Holders of USD denominated Convertible Bonds for a value, with
accrued interest, of USD 37,981,167 as of the Conversion Date, have
exercised their right to conversion and will be issued 3,798,117
new shares on the Conversion Date.
Holders of USD denominated Convertible Bonds for an aggregate
value, with accrued interest, of USD 116,677,563 as of the
Conversion Date, have not exercised their right to conversion.
About AlvotechAlvotech is a biotech company,
founded by Robert Wessman, focused solely on the development and
manufacture of biosimilar medicines for patients worldwide.
Alvotech seeks to be a global leader in the biosimilar space by
delivering high quality, cost-effective products, and services,
enabled by a fully integrated approach and broad in-house
capabilities. Alvotech has launched two biosimilars. The current
development pipeline includes nine disclosed biosimilar candidates
aimed at treating autoimmune disorders, eye disorders,
osteoporosis, respiratory disease, and cancer. Alvotech has formed
a network of strategic commercial partnerships to provide global
reach and leverage local expertise in markets that include the
United States, Europe, Japan, China, and other Asian countries and
large parts of South America, Africa and the Middle East.
Alvotech’s commercial partners include Teva Pharmaceuticals, a US
affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA
Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma
(EEA, UK, Switzerland, Canada, Australia and New Zealand),
Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South
Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River
Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong,
Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and
Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi
Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs,
Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co.,
Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each
commercial partnership covers a unique set of product(s) and
territories. Except as specifically set forth therein, Alvotech
disclaims responsibility for the content of periodic filings,
disclosures and other reports made available by its partners. For
more information, please visit www.alvotech.com. None of the
information on the Alvotech website shall be deemed part of this
press release.
Forward Looking StatementsCertain statements in
this communication may be considered “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended. Forward-looking statements generally relate to
future events or the future financial operating performance of
Alvotech and may include, for example, Alvotech’s expectations
regarding the exchange rate of the Icelandic krona against the U.S.
dollar on the Conversion Date and shares to be issued in connection
with the conversion, the redemption of the convertible bonds,
including whether the investors will elect to be settled in shares
or in cash, Alvotech’s ability to satisfy conditions precedent to
close and draw down the loans under the financing facility
announced on June 7, 2024, to comply with the covenants of that
facility, to exercise its rights under the facility, the expected
use of proceeds from the facility, potential future financings or
strategic transactions, competitive advantages, business prospects
and opportunities including pipeline product development, future
plans and intentions, results, level of activities, performance,
goals or achievements or other future events, regulatory
submissions, review and interactions, the potential approval and
commercial launch of its product candidates, the timing of
regulatory approval, and market launches. In some cases, you can
identify forward-looking statements by terminology such as “may”,
“should”, “expect”, “intend”, “will”, “estimate”, “anticipate”,
“believe”, “predict”, “potential”, “aim” or “continue”, or the
negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements. These forward-looking statements are
based upon estimates and assumptions that, while considered
reasonable by Alvotech and its management, are inherently uncertain
and are inherently subject to risks, variability, and
contingencies, many of which are beyond Alvotech’s control. Factors
that may cause actual results to differ materially from current
expectations include, but are not limited to: (1) the ability to
raise substantial additional funding, which may not be available on
acceptable terms or at all; (2) the ability to maintain stock
exchange listing standards; (3) changes in applicable laws or
regulations; (4) the possibility that Alvotech may be adversely
affected by other economic, business, and/or competitive factors;
(5) Alvotech’s estimates of expenses and profitability; (6)
Alvotech’s ability to develop, manufacture and commercialize the
products and product candidates in its pipeline; (7) actions of
regulatory authorities, which may affect the initiation, timing and
progress of clinical studies or future regulatory approvals or
marketing authorizations; (8) the ability of Alvotech or its
partners to respond to inspection findings and resolve deficiencies
to the satisfaction of the regulators; (9) the ability of Alvotech
or its partners to enroll and retain patients in clinical studies;
(10) the ability of Alvotech or its partners to gain approval from
regulators for planned clinical studies, study plans or sites; (11)
the ability of Alvotech’s partners to conduct, supervise and
monitor existing and potential future clinical studies, which may
impact development timelines and plans; (12) Alvotech’s ability to
obtain and maintain regulatory approval or authorizations of its
products, including the timing or likelihood of expansion into
additional markets or geographies; (13) the success of Alvotech’s
current and future collaborations, joint ventures, partnerships or
licensing arrangements; (14) Alvotech’s ability, and that of its
commercial partners, to execute their commercialization strategy
for approved products; (15) Alvotech’s ability to manufacture
sufficient commercial supply of its approved products; (16) the
outcome of ongoing and future litigation regarding Alvotech’s
products and product candidates; (17) the impact of worsening
macroeconomic conditions, including rising inflation and interest
rates and general market conditions, conflicts in Ukraine, the
Middle East and other global geopolitical tension, on the Company’s
business, financial position, strategy and anticipated milestones;
and (18) other risks and uncertainties set forth in the sections
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in documents that Alvotech may from
time to time file or furnish with the SEC. There may be additional
risks that Alvotech does not presently know or that Alvotech
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. Nothing in this communication should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Alvotech does not
undertake any duty to update these forward-looking statements or to
inform the recipient of any matters of which any of them becomes
aware of which may affect any matter referred to in this
communication. Alvotech disclaims any and all liability for any
loss or damage (whether foreseeable or not) suffered or incurred by
any person or entity as a result of anything contained or omitted
from this communication and such liability is expressly disclaimed.
The recipient agrees that it shall not seek to sue or otherwise
hold Alvotech or any of its directors, officers, employees,
affiliates, agents, advisors, or representatives liable in any
respect for the provision of this communication, the information
contained in this communication, or the omission of any information
from this communication.
ALVOTECH INVESTOR RELATIONS AND GLOBAL
COMMUNICATIONSBenedikt Stefansson, Senior
Directoralvotech.ir@alvotech.com
FOR MORE INFORMATIONPlease visit our investor
portal, and our website or follow us on social media on LinkedIn,
Facebook, Instagram, X and YouTube.
Alvontech (NASDAQ:ALVO)
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부터 11월(11) 2024 으로 12월(12) 2024
Alvontech (NASDAQ:ALVO)
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