Alvotech’s Merger with Oaktree Acquisition Corp. II

Cooley and Arendt advised Alvotech Holdings, while Kirkland & Ellis, working alongside Walkers and King & Spalding, advised Oaktree Acquisition Corp. II on the deal. Shearman & Sterling represented Morgan Stanley, Deutsche Bank Securities, Credit Suisse Securities (USA), and Citigroup Global Markets collectively acting as placement agents.

Alvotech Holdings, a global biopharmaceutical company focused on the development and manufacturing of biosimilar medicines for patients worldwide, signed its agreement to merge with special purpose acquisition company (SPAC) Oaktree Acquisition Corp. II. 

The business combination is expected to deliver gross proceeds to Alvotech of more than $450 million, which includes approximately $250 million from Oaktree Acquisition Corp. II’s trust account, as well as a $50 million equity commitment from existing shareholders, and in excess of $175 million from private placement investors, including funds managed by Suvretta Capital, Athos, CVC Capital Partners, Temasek, Farallon Capital Management, Sculptor Capital Management, and premier Icelandic investors Arctica Finance, Arion Bank and Landsbankinn, among others. 

The combined company will have an implied initial enterprise value of approximately $2.25 billion and will be well positioned to continue investing in the growth of its biosimilar pipeline. Upon completion of the transaction, the company’s securities are expected to be traded on Nasdaq under the symbol ALVO.

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. The company’s current pipeline contains seven biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis and cancer.

Lawyers Michal Berkner (Picture), Div Gupta, Nicolas Dumont and Jarrett Burks led the Cooley team. Additional assistance was provided by Vlad Herta, Chi Vo Kavanaugh, Wouter Deleersnyder, Sonia Nath, Elisabethann Wright, Philip Mitchell, Aaron Pomeroy, Barbara Mirza, Stacey Bradford, Rick Jantz, Stella Sarma, Jennifer Shanley, Ivor Elrifi, Sharon Connaughton, David Boles, Alexandria Ashour, Chris Coulter, David Dalton, Neelam Atwal, Chris Stack, Alan Tamarelli, Karen Tsai, Wyatt Kernell, Reid Hooper, Megan Browdie, Sanya Sukduang, Ali Murata, Natasha Leskovsek, James Maton, Sarah Oliai, Barbara Borden, Nicola Squire, Peter Byrne, Claire Keast-Butler, Charles George and Jill Simon. 

The Kirkland team was led by corporate partners Matthew Arenson and Michele Cumpston and associates Guirgis Nasief, Shannon Sherman and Michael Nester, capital markets partners Peter Seligson and Allison Gallagher and associates Wills Klein, Katrina Gonzales and Andrew Hao Sun, tax partners Mike Beinus and Vivek Ratnam and associate Liz Allison, and technology & IP transactions partner Matthew Lovell and associate Matt Darch. 

The Walkers’ team was led by Cayman Islands partners Caroline Williams and Andrew Barker with assistance from senior counsel Christine Ballantyne-Drewe and associate Sam Francis.

Arendt team involved Alexander Olliges, Fouzia Benyahia, Urbain Gwiza, Xavier Picquet, Alexandre Tangton, Adam Saafi, Laurent Schummer, François Warken, Milos Vulevic, Jan Neugebauer, Yves Philippart de Foy.

The King & Spalding team included: Eva A. Temkin, Christina M. Markus (Chris), Geneviève Michaux, Jessica Ringel, Kalle E. Deyette, Steven Niedelman, Beverly H. Lorell, M.D. and Jonathan Trinh.

The Shearman & Sterling team included Ilir Mujalovic, Bill Nelson, John W. Menke, Ekaterina Bogdanov and Corinne McCrum.

Involved fees earner: Fouzia Benyahia – Arendt & Medernach; Urbain Gwiza – Arendt & Medernach; Jan Neugebauer – Arendt & Medernach; Alexander Olliges – Arendt & Medernach; Yves Philippart de Foy – Arendt & Medernach; Xavier Picquet – Arendt & Medernach; Adam Saafi – Arendt & Medernach; Laurent Schummer – Arendt & Medernach; Alexandre Tangton – Arendt & Medernach; Milos Vulevic – Arendt & Medernach; François Warken – Arendt & Medernach; Alexandria Ashour – Cooley LLP; Neelam Atwal – Cooley LLP; Michal Berkner – Cooley LLP; David Boles – Cooley LLP; Barbara Borden – Cooley LLP; Stacey Bradford – Cooley LLP; Megan Browdie – Cooley LLP; Jarrett Burks – Cooley LLP; Peter Byrne – Cooley LLP; Sharon Connaughton – Cooley LLP; Chris Coulter – Cooley LLP; David Dalton – Cooley LLP; Wouter Deleersnyder – Cooley LLP; Nicolas Dumont – Cooley LLP; Ivor Elrifi – Cooley LLP; Charles George – Cooley LLP; Div Gupta – Cooley LLP; Vlad Herta – Cooley LLP; Reid Hooper – Cooley LLP; Rick Jantz – Cooley LLP; Chi Vo Kavanaugh – Cooley LLP; Claire Keast-Butler – Cooley LLP; Wyatt Kernell – Cooley LLP; Natasha Leskovsek – Cooley LLP; James Maton – Cooley LLP; Barbara Mirza – Cooley LLP; Phil Mitchell – Cooley LLP; Alessandra Murata – Cooley LLP; Sonia Nath – Cooley LLP; Sarah Oliai – Cooley LLP; Aaron Pomeroy – Cooley LLP; Stella Sarma – Cooley LLP; Jennifer Shanley – Cooley LLP; Nicola Squire – Cooley LLP; Chris Stack – Cooley LLP; Sanya Sukduang – Cooley LLP; Alan Tamarelli – Cooley LLP; Karen Tsai – Cooley LLP; Elisabethann Wright – Cooley LLP; Kalle Deyette – King & Spalding; Christina Markus – King & Spalding; Geneviève Michaux – King & Spalding; Eva Temkin – King & Spalding; Jonathan Trinh – King & Spalding; Liz Allison – Kirkland & Ellis; Matthew Arenson – Kirkland & Ellis; Michael Beinus – Kirkland & Ellis; Michele Cumpston – Kirkland & Ellis; Matthew Darch – Kirkland & Ellis; Allison Gallagher – Kirkland & Ellis; Katrina Gonzales – Kirkland & Ellis; Wills Klein – Kirkland & Ellis; Matthew Lovell – Kirkland & Ellis; Guirgis Nasief – Kirkland & Ellis; Michael Nester – Kirkland & Ellis; Vivek Ratnam – Kirkland & Ellis; Peter Seligson – Kirkland & Ellis; Shannon Sherman – Kirkland & Ellis; Ekaterina Bogdanov – Shearman & Sterling; John Menke – Shearman & Sterling; Ilir Mujalovic – Shearman & Sterling; Bill Nelson – Shearman & Sterling; Christine Ballantyne-Drewe – Walkers Global; Andrew Barker – Walkers Global; Sam Francis – Walkers Global; Caroline Williams – Walkers Global;

Law Firms: Arendt & Medernach; Cooley LLP; King & Spalding; Kirkland & Ellis; Shearman & Sterling; Walkers Global;

Clients: Alvotech Holdings; Citigroup Global Markets Ltd; Credit Suisse Securities (USA) LLC; Deutsche Bank Securities; Morgan Stanley; Oaktree Acquisition Corporation II;

Martina Bellini

Author: Martina Bellini