King & Spalding LLP advised Oaktree Acquisition Corp. II (Oaktree), a special purpose acquisition company, in its merger with Icelandic biopharmaceutical company Alvotech. The combined company will have an implied initial enterprise value of approximately $2.25 billion and the transaction is expected to deliver gross proceeds in excess of $450 million to Alvotech to fund its growth trajectory. Upon completion of the transaction, the company's securities are expected to be traded on Nasdaq under the symbol "ALVO" and will be well-positioned to continue investing in the growth of its biosimilar pipeline.
Alvotech is a Reykjavík-based biopharmaceutical company focused on the development and manufacture of biosimilar medicines for patients worldwide.
The Oaktree Acquisition Corp. franchise was formed to partner with high-quality, growing companies to facilitate their successful entry to the public markets. By leveraging the deep capabilities and experience of its sponsor, an affiliate of Oaktree, which manages $158 billion in assets under management as of September 30, 2021, Oaktree Acquisition Corp. seeks to provide best-in-class resources and execution, coupled with a focus on long-term partnership and shareholder value creation.