4 Firms Shape Biosimilar Biz Alvotech's $2.3B SPAC Deal

By Charlie Innis (December 7, 2021, 1:56 PM EST) -- Cooley LLP-led Icelandic drugmaker Alvotech said Tuesday it plans to merge with Oaktree Acquisition Corp. II, a special purpose acquisition company guided by Kirkland & Ellis LLP and King & Spalding LLP with Shearman & Sterling LLP advising the placement agents, and go public with the combined company valued at $2.25 billion.

The deal calls for Alvotech Holdings SA to be combined with Oaktree, with the resulting company trading on the Nasdaq under the ticker "ALVO." The combined company will grab gross proceeds around $450 million, including $250 million from the SPAC's trust account and $150 million from investors in a...

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