Alvotech and Islandsbanki enter into Market Making Agreement for Shares Trading on Nasdaq Iceland

Rhea-AI Summary

Alvotech and Islandsbanki enter market making agreement

Positive

• Islandsbanki will post bids and offers for ALVO shares on the Nasdaq Iceland Main Market for a minimum amount of ISK 8 million at market value
• The spread between bid and ask market making orders will be held as close as possible to 1.5%
• Previous market making agreements with Landsbankinn hf. and Arion Bank hf. remain in effect

Negative

• None.

Alvotech (Nasdaq: ALVO) and Íslandsbanki hf. (“Islandsbanki”) have entered into a market making agreement. According to the market making agreement, Islandsbanki places bids and offers for ALVO shares trading on the Nasdaq Iceland Main Market (the “Exchange”) for a minimum amount with a fixed spread between the bid and offer price.

Islandsbanki will post bids and offers on the exchange amounting to at least ISK 8 million at market value at any given time at a price determined by Islandsbanki, which shall deviate no more than 3% from the last traded price. The spread between bid and ask market making orders will be held as close as possible to 1.5%, in accordance with the Exchange’s tick size increments in effect at that time but should be at least 1.45% unless changes in the exchange’s fixed tick size increments require a reduction in the spread below that limit. If Islandsbanki’s net volume of trades within a single trading day exceeds ISK 60 million, the maximum spread between bid and ask market making orders will be considered to be no longer binding, for the remainder of the day. If Alvotech’s share price increases or decreases by more than 5% within a trading day, Islandsbanki may double the spread between bid and ask market making orders for the remainder of the day.  

The market making agreement goes into effect at the start of trading on the Exchange on Friday October 6, 2023. It is for an indefinite term, but each of the two parties may choose to terminate after giving a 14-day prior notice.

Previous market making agreements with Landsbankinn hf. and Arion Bank hf. for ALVO shares trading on the Exchange remain in effect.

About Alvotech
Alvotech is a biotech company, founded by Robert 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. Alvotech’s current pipeline contains eight 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. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release.

Forward Looking Statements
Certain statements in this communication may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally relate to future events or the future financial operating performance of Alvotech and may include, for example, Alvotech’s expectations regarding its expected future business, financial performance, the price and volatility of its ordinary shares and the performance of Islandsbanki of the market making agreement. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “aim” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech’s control. Other risks and uncertainties are also set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents that Alvotech may from time-to-time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed. The recipient agrees that it shall not seek to sue or otherwise hold Alvotech or any of its directors, officers, employees, affiliates, agents, advisors, or representatives liable in any respect for the provision of this communication, the information contained in this communication, or the omission of any information from this communication.

No Offer 
This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or elsewhere, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

CONTACTS
Alvotech Investor Relations and Global Communications
Benedikt Stefansson
alvotech.ir@alvotech.com

FAQ

What is the market making agreement between Alvotech and Islandsbanki?

The market making agreement allows Islandsbanki to place bids and offers for ALVO shares on the Nasdaq Iceland Main Market.

What is the minimum amount that Islandsbanki will post bids and offers for?

Islandsbanki will post bids and offers for a minimum amount of ISK 8 million at market value.

What is the maximum deviation from the last traded price allowed by Islandsbanki?

Islandsbanki's bids and offers will deviate no more than 3% from the last traded price.

What is the spread between bid and ask market making orders?

The spread between bid and ask market making orders will be held as close as possible to 1.5%.

What happens if Alvotech's share price increases or decreases by more than 5% within a trading day?

If Alvotech's share price changes by more than 5%, Islandsbanki may double the spread between bid and ask market making orders for the remainder of the day.

When does the market making agreement go into effect?

The market making agreement goes into effect on Friday October 6, 2023.

Can the market making agreement be terminated?

Yes, either party can choose to terminate the agreement by giving a 14-day prior notice.

Are there any previous market making agreements for ALVO shares?

Yes, previous market making agreements with Landsbankinn hf. and Arion Bank hf. remain in effect.