Settlement of alvotech private share placement completed

Reykjavik, iceland, feb. 10, 2023 (globe newswire) -- alvotech (nasdaq: alvo), a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide, announced today the completion of the equity transaction announced on january 23, 2023 (the “private share placement”) with the transfer to the counterparties of a total of 11,834,061 treasury shares previously held by alvotech's subsidiary alvotech manco ehf. the net cash proceeds of the private share placement are expected to be used for general corporate purposes and to reduce reliance on other funding sources for the foreseeable future, including the standby equity purchase agreement facility with ya ii pn, ltd (“yorkville”).
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