Alvotech Expands European Presence with Successful Nasdaq Stockholm Listing
核心洞察
Alvotech's Swedish Depository Receipts (SDRs) offering was multiple times oversubscribed, attracting over 3,000 new shareholders and raising approximately SEK 39 million.
The biosimilar developer's strategic expansion includes acquiring Xbrane (搜索)'s R&D operations at the Karolinska life-science hub, strengthening its research capabilities and establishing a footprint in Sweden's biotech sector.
Trading of Alvotech's SDRs on Nasdaq Stockholm commenced on May 19, 2025, under the ticker "ALVO SDB," enhancing the company's access to Nordic and European investors and capital markets.
Alvotech, a global biotech company specializing in biosimilar development and manufacturing, has successfully completed its offering of Swedish Depository Receipts (SDRs) in connection with its listing on Nasdaq Stockholm. The offering, which closed on May 16, 2025, attracted significant interest from Swedish investors and was multiple times oversubscribed, resulting in more than 3,000 new shareholders for the company.
The final price per SDR was set at SEK 87.51, corresponding to the volume-weighted average price of Alvotech's ordinary shares on the Nasdaq Iceland Main Market during the application period, with a 10% discount. The offering included 441,600 SDRs, with each SDR representing one ordinary share of the company, generating gross proceeds of approximately SEK 39 million.
Trading in Alvotech's SDRs commenced on Monday, May 19, 2025, under the ticker symbol "ALVO SDB," with settlement expected on May 21, 2025.
Strategic Expansion into Sweden
The listing on Nasdaq Stockholm follows Alvotech's recent acquisition of Xbrane (搜索) Biopharma AB's R&D operations at the Karolinska life-science hub in Sweden. This strategic move is part of the company's plan to expand its R&D capabilities and increase access to experienced life-science professionals outside Iceland.
"The listing on Nasdaq Stockholm affirms our ambition in biosimilars development and manufacturing globally. It is also a natural step following our recent acquisition of Xbrane (搜索)'s R&D operations, which establishes a strong presence for Alvotech in the Swedish life-science industry," said Róbert Wessman, Founder, Chairman and CEO of Alvotech.
The shareholders of Xbrane (搜索) approved the transaction at an extraordinary general meeting on April 14, 2025, and Foreign Direct Investment approval was received on May 13, 2025. The closing of the acquisition is expected to take place in early June 2025.
Enhancing Market Access and Investor Base
The dual listing strategy is expected to strengthen Alvotech's recognition in Nordic and European markets, improving access to regional capital and attracting a broader base of institutional and retail investors. The company has identified strong investor demand for opportunities in European biotech, biopharma, and biosimilar stocks among Nordic and international institutional investors.
To facilitate shareholder participation, Alvotech is offering existing shareholders a free conversion period to convert their unrestricted shares into SDRs. During the one-year period from the first day of trading on Nasdaq Stockholm, the conversion fees charged by Euroclear Sweden and DNB Bank ASA, Sweden Branch, for converting shares to SDRs will be paid by Alvotech.
The company also intends to enter into an agreement with a market maker to promote further liquidity in the SDRs.
Growing Biosimilar Portfolio
Alvotech currently has two biosimilars approved and marketed in multiple global markets: biosimilars to Humira® (adalimumab) and Stelara® (ustekinumab). The company's development pipeline includes nine disclosed biosimilar candidates targeting autoimmune disorders (搜索), eye disorders, osteoporosis, respiratory disease, and cancer.
The company has established a network of strategic commercial partnerships to provide global reach and leverage local expertise across markets including the United States, Europe, Japan, China, and other regions. These partnerships include agreements with Teva Pharmaceuticals, STADA Arzneimittel AG, Fuji Pharma Co., Ltd (搜索), and numerous other regional distributors.
Financial and Legal Advisors
DNB Carnegie Investment Bank AB (publ) acted as financial advisor for the offering. Legal advisors included Cirio Advokatbyrå AB and Westerberg & Partners for Swedish law, Arendt & Medernach SA for Luxembourg law, BBA//Fjeldco for Icelandic law, and Cooley LLP for U.S. law.
The listing on Nasdaq Stockholm represents a significant milestone in Alvotech's growth strategy, positioning the company to capitalize on increasing demand for biosimilar medicines while expanding its research capabilities and investor base across Europe.