REYKJAVIK, Iceland, June 15, 2026 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ:ALVO, ALVO-SDB)) ("Alvotech" or the "Company"), a global biotechnology company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced that it has commenced an underwritten public offering of its ordinary shares (the "Offering"). In addition, Alvotech expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the ordinary shares sold in the public offering at the public offering price, less underwriting discounts and commissions. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. All of the shares in the Offering are to be issued and sold by Alvotech.

Concurrent with the Offering, Alvotech expects to enter into Subscription Agreement(s) with certain investors that are professional clients or eligible counterparties in the European Economic Area falling within article 1(4) of Regulation (EU) 2017/1129, pursuant to which Alvotech will issue and sell ordinary shares to such investors at the public offering price of the Offering, in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended, subject to the consummation of the Offering and other customary conditions. However, the consummation of the Offering is not contingent on the consummation of the concurrent private placement.

Alvotech anticipates the gross proceeds from the Offering and concurrent private placement to be approximately $125 million. The allocation of ordinary shares between the Offering and concurrent private placement have not yet been determined and will be subject to the pricing of the offerings.

Alvotech intends to use the net proceeds from this Offering and the concurrent private placement to fund the continued development of its biosimilar assets, as well as working capital and general corporate purposes, which may include, among others, intellectual property protection and enforcement, commercial expenditures, capital expenditures, acquisitions or collaborations, pre-clinical and clinical development of its product candidates, research and development and product development, pre-commercialization activities and repayment or refinancing of indebtedness or other corporate borrowings.

BofA Securities, Jefferies and Evercore ISI are acting as joint book-running managers for the Offering.

The proposed Offering will be made pursuant to a registration statement on Form F-3, including a base prospectus, that was previously filed with the U.S. Securities and Exchange Commission ("SEC") on October 20, 2023, and declared effective on October 30, 2023. The ordinary shares referred to in this press release will be offered in the United States only by means of a prospectus supplement and the accompanying prospectus that forms a part of the registration statement. Copies of the preliminary prospectus supplement and the accompanying prospectus related to this Offering may be obtained, when available, from: BofA Securities, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, NC 28255-0001, or by email at [email protected]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, ...