REYKJAVIK, Iceland, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ:ALVO), a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide, will release financial results for first half of the year ended June 30, 2024, after U.S. markets close on Thursday, August 15, 2024, and will conduct a conference call with analysts to present the financial results and recent business highlights on Friday August 16, 2024, at 8:00 am EDT (12 noon GMT).   Live aud ...

REYKJAVIK, Iceland, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO), a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide, will release financial results for first half of the year ended June 30, 2024, after U.S. markets close on Thursday, August 15, 2024, and will conduct a conference call with analysts to present the financial results and recent business highlights on Friday August 16, 2024, at 8:00 am EDT (12 noon GMT).   Live au ...

STADA and Alvotech launch Uzpruvo, the first approved ustekinumab biosimilar to Stelara, across Europe Launch of European-made Uzpruvo in Europe comes immediately upon expiry of exclusivity rights for the molecule used to treat certain conditions in gastroenterology1, dermatology and rheumatologyCreates competition at earliest opportunity, enabling straightforward switching to broaden patient access and control costs in a growing market, with accessible indications currently estimated at approximately €2.4 ...

Launch of European-made Uzpruvo in Europe comes immediately upon expiry of exclusivity rights for the molecule used to treat certain conditions in gastroenterology1, dermatology and rheumatologyCreates competition at earliest opportunity, enabling straightforward switching to broaden patient access and control costs in a growing market, with accessible indications currently estimated at approximately €2.4 billionUstekinumab is the second immunology biosimilar brought to market through the partnership betwee ...

REYKJAVIK, Iceland, July 11, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced the closing of its previously announced senior secured first lien term loan facility (the “Facility”). The closing has allowed Alvotech to refinance outstanding debt obligations, reduce the cost of capital and improve its overall debt maturity profile. Following the closing of the Facility, whic ...

Core Viewpoint - Alvotech has successfully closed a senior secured first lien term loan facility, allowing the company to refinance existing debt, reduce capital costs, and enhance its debt maturity profile [1][2][3]. Financial Summary - Following the closing of the facility, Alvotech's total gross borrowings stand at $1,035 million, with a cash balance of $185 million, which includes $18 million in cash on hand, $25 million in restricted cash, and estimated net proceeds of $142 million [2]. - The facility financing amounts to $965 million, maturing in June 2029, with the first tranche being a $900 million term loan at an interest rate of SOFR plus 6.5% per annum, and the second tranche being a $65 million term loan at SOFR plus 10.5% per annum [2]. Strategic Initiatives - The refinancing transaction provides Alvotech with additional flexibility to pursue its long-term growth strategy, as stated by the Chief Finance Officer [3]. - Alvotech aims to advance its existing development pipeline and support working capital for upcoming biosimilars launches [2]. Company Overview - Alvotech is a biotech company focused on developing and manufacturing biosimilar medicines globally, with a goal to become a leader in the biosimilar market [4]. - The company has launched two biosimilars and has a development pipeline that includes nine disclosed biosimilar candidates targeting various diseases [4]. - Alvotech has established strategic commercial partnerships across multiple regions, including the United States, Europe, Japan, and parts of Asia and South America [4].

Positive topline results demonstrate clinical similarity between AVT03 and the reference biologic, Prolia® (denosumab) Two additional studies comparing the pharmacokinetics, safety, and tolerability of AVT03 to Prolia and Xgeva, respectively, have also met their primary endpointAlvotech expects to file marketing applications for AVT03 later this year for major global markets REYKJAVIK, Iceland, July 02, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ:ALVO), a global biotech company specialized in the development ...

Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today issued new shares to holders of subordinated convertible bonds, originally issued by Alvotech on November 16, 2022, and December 20, 2022, with maturity on December 20, 2025 (the “Convertible Bonds”). Today, Alvotech issued 22,073,578 new ordinary shares in exchange for Convertible Bonds, at the fixed price of US$10.00 per share. The majority of the holders ...

Group 1 - Alvotech issued 22,073,578 new ordinary shares at a fixed price of US$10.00 per share in exchange for subordinated convertible bonds [1] - Following the conversion, the total number of issued shares in Alvotech is 324,801,040, with 301,944,470 outstanding shares [1] - The newly issued shares will be delivered to their owners no later than seven business days from the announcement [1] Group 2 - Alvotech is focused on developing and manufacturing biosimilar medicines, aiming to be a global leader in the biosimilar space [2] - The company has launched two biosimilars and has a development pipeline that includes nine disclosed biosimilar candidates targeting various diseases [2] - Alvotech has established strategic commercial partnerships across multiple regions, including the US, Europe, Japan, and parts of Asia and South America [2]

Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced certain preliminary, unaudited key financial information for the second quarter and six months ended June 30, 2024, as follows: Strong preliminary revenue growth with total revenues for the second quarter between $196 - $201 million. Preliminary total revenues for the first six months are $233 - $238 million, an approximately 10-fold increase compa ...