Alvotech (NASDAQ: ALVO), a global biotech company focused on biosimilar medicines, has commenced trading on Nasdaq Stockholm on May 19, 2025. The company offered Swedish Depository Receipts (SDRs) at SEK 87.51 per SDR, which saw multiple times oversubscription with over 3,000 individual subscribers. The offering included 441,600 SDRs, generating gross proceeds of approximately SEK 39 million. Each SDR represents one ordinary share. This listing expands Alvotech’s presence to three markets: Nasdaq Stockholm, Nasdaq Global Market (US), and Nasdaq Iceland Main Market. The move follows Alvotech’s recent acquisition of Xbrane Biopharma’s R&D operations at the Karolinska life-science hub in Sweden, expected to close in early June 2025. The company aims to strengthen its Nordic presence, improve capital access, and attract broader institutional and retail investors.
Positive
- Strong investor interest with multiple times oversubscription in the Swedish SDR offering
- Expansion to third major stock exchange enhancing liquidity and investor access
- Strategic acquisition of Xbrane’s R&D operations strengthening research capabilities
- Access to broader talent pool in Swedish life-science sector
Negative
- 10% discount applied to SDR offering price compared to average share price
- Additional operational complexity from managing listings on three different exchanges
Insights
Alvotech’s triple-listing strategy enhances liquidity and European investor access while supporting R&D expansion into Sweden.
Alvotech (NASDAQ: ALVO) has successfully executed a strategic expansion of its trading presence with the addition of Nasdaq Stockholm to its existing listings on Nasdaq Iceland and Nasdaq Global Market. The Swedish Depository Receipts (SDRs) offering was multiple times oversubscribed, demonstrating strong investor appetite in the Nordic markets for biotechnology exposure.
The company raised approximately SEK 39 million (~$3.7 million USD) through the offering of 441,600 SDRs at SEK 87.51 per SDR. While the capital raise is relatively modest, this move is primarily about increasing market access rather than significant fundraising. The company attracted over 3,000 new individual investors, substantially broadening its shareholder base.
This multi-exchange strategy offers several strategic advantages: it enhances share liquidity across time zones, diversifies the investor pool, and strengthens Alvotech’s position within the Nordic and European financial ecosystems. The company is implementing smart mechanisms to support this structure, including plans for a market maker to promote liquidity and a one-year free conversion period for existing shareholders to convert shares to SDRs.
The timing aligns with Alvotech’s recent acquisition of Xbrane Biopharma’s R&D operations at Sweden’s Karolinska life-science hub, expected to close in early June 2025. This dual approach of listing on Stockholm’s exchange while simultaneously acquiring Swedish R&D capabilities represents a cohesive strategy to strengthen the company’s operational and financial position in the Nordic region, particularly as it focuses on expanding R&D capabilities to support growth.
05/19/2025 – 02:30 AM
Not to be released, published, distributed or circulated in any jurisdiction in which it would be unlawful to do so. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
REYKJAVIK, ICELAND AND STOCKHOLM, SWEDEN (May 19, 2025) — On May 16, 2025 Alvotech (NASDAQ: ALVO, the “Company”), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, announced the outcome of the offering of Swedish Depository Receipts (“SDRs”), equity share equivalents, in connection with the Company’s listing on Nasdaq Stockholm (the “Offering”). The Offering attracted strong interest from the general public in Sweden and was multiple times oversubscribed. Trading on Nasdaq Stockholm commences today May 19, 2025.
The Offering in brief
- As previously announced, the final price per SDR (the “Offering Price”) was set to SEK 87.51, corresponding to the volume-weighted average price of the ordinary shares of the Company (the “Shares”) on the Nasdaq Iceland Main Market during the application period, with a discount of ten percent (10%), converted from ISK to SEK based on the exchange rate published by the Swedish Central Bank (Sw. Sveriges Riksbank) on the last day of the application period. The application period was May 9–16, 2025.
- The Offering included 441,600 SDRs, with each SDR representing one ordinary share of the Company. The Offering was multiple times oversubscribed.
- The gross proceeds of the Offering amounted to approximately SEK 39 million.
- All of the more than 3,000 individuals who subscribed to acquire SDRs in the Offering were allotted SDRs.
- Trading in the Company’s SDRs on Nasdaq Stockholm commences today, May 19, 2025, under the trading symbol (ticker) “ALVO SDB”.
- Settlement is expected to take place on May 21, 2025.
“Alvotech’s goal is to become the global leader in biosimilars development and manufacturing, providing better access to high-quality biologics for patients globally in 90 different countries, through our commercial partnerships. Today marks the next exciting step in Alvotech’s journey as the Company is listed on Nasdaq Stockholm. Alvotech’s shares are now traded on three markets; Nasdaq Stockholm in Sweden, Nasdaq Global Market in the U.S. and Nasdaq Iceland Main Market in Iceland. We think of the listing on Nasdaq Stockholm as a service to our current and future shareholders, providing better access for investors in Nordic and European markets, increasing share liquidity and broadening the shareholder base. I am delighted by the strong interest shown by investors in Sweden, and welcome the many new shareholders that subscribed to the recent offering,” says Róbert Wessman, Founder, Chairman and CEO of Alvotech.
Background of the Offering
Alvotech’s board of directors and executive management team have identified the expansion of its R&D capability as a strategic priority to support Alvotech’s expected growth trajectory. The Company also intends to increase its access to experienced life-science R&D professionals living outside Iceland. The Company recently announced the acquisition of Xbrane Biopharma AB’s (“Xbrane”) R&D operations at the Karolinska life-science hub in Sweden. The integration of much of Xbrane’s workforce of seasoned biosimilar developers will further expand Alvotech’s scientific and innovation capabilities, enable the Company to access a broader talent pool and help to establish a strong presence in the Swedish life-science sector, supporting growth. The shareholders of Xbrane approved the transaction at the extraordinary general meeting held on April 14, 2025, and subsequent Foreign Direct Investment approval was received on May 13, 2025. Closing of the transaction is expected to take place in early June 2025.
A listing on Nasdaq Stockholm is expected to further strengthen Alvotech’s recognition in the Nordic and European markets, improving access to regional capital, and attracting a broader base of institutional and retail investors, based in Sweden, and beyond. Additionally, Alvotech has identified strong investor demand for opportunities to invest in European biotech, biopharma and biosimilar stocks among Nordic and international institutional investors.
It is the intention of the Company to enter into an agreement with a market maker (liquidity provider) to promote further liquidity in the SDRs.
Free SDR conversion period
The Company will offer shareholders who have been owners of the Company prior to the Offering a free conversion period with an opportunity to convert their unrestricted Shares into SDRs. During a period of one year from, and including, the first day of trading in SDRs on Nasdaq Stockholm, the conversion fees charged by Euroclear Sweden and DNB Bank ASA, Sweden Branch, as issuer of the SDRs will be paid by Alvotech. For the avoidance of doubt, potential additional fees and costs charged by the shareholders’ own custodian, brokerage firm or bank will be borne by the shareholders.
About Alvotech
Alvotech is a biotech company, founded by Róbert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high-quality, cost-effective products and services, enabled by a fully integrated approach and broad in-house capabilities. Two biosimilars, to Humira® (adalimumab) and Stelara® (ustekinumab), are already approved and marketed in multiple global markets. The current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East.
Important information
This announcement is not, and does not form part of, an offer to sell or buy any securities. DNB Carnegie Investment Bank AB (publ) (formerly Carnegie Investment Bank AB (publ) and DNB Markets, a part of DNB Bank ASA, Sweden Branch) is acting for Alvotech in connection with the Offering and for no one else. Forward-looking statements are subject to risks and uncertainties, including those related to regulatory approvals, market conditions, and integration of the Xbrane acquisition.
Key Takeaways
What is the significance of Alvotech’s Nasdaq Stockholm listing?
The listing expands Alvotech’s presence to three major exchanges, improves access to Nordic and European investors, increases share liquidity, and supports its growth in the Swedish life-science sector.
How does the SDR structure benefit shareholders?
SDRs provide alternative investment access, market-making liquidity, and a free 12-month conversion window for existing shareholders to convert shares without fees.
What strategic advantages come with the Xbrane R&D acquisition?
The Karolinska Institute consortium integration accelerates R&D timelines, adds talent, and solidifies Alvotech’s Nordic footprint—crucial for competing in the $440B global biologic market.
How does this listing impact Alvotech’s capital strategy?
While the raise was modest, the move prioritizes liquidity over immediate funding. It positions Alvotech to tap into Europe’s risk-on biotech rally, which saw $8.2B in VC investments in Q1 2025.
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