OACB - OACB STOCK NEWS

Oaktree Acquisition Corp. II (NYSE: OACB) will hold an Extraordinary General Meeting on June 7, 2022, to vote on the business combination with Alvotech S.A., a biosimilar medicines developer. Shareholders of OACB as of March 22, 2022, can participate in the vote. The SEC has declared the Registration Statement effective, and OACB plans to mail the definitive proxy statement/prospectus on May 12, 2022. If approved, the business combination is anticipated to close around June 15, 2022, with TopCo shares trading under the symbol “ALVO” on Nasdaq.

Alvotech and Fuji Pharma have expanded their strategic partnership to include six biosimilar products aimed at the Japanese market. The agreement grants Fuji exclusive commercial rights to an undisclosed biosimilar in early development, with Alvotech receiving upfront and milestone payments, along with a share of sales. This strengthens Alvotech's position in Japan, the third largest pharmaceutical market globally. The collaboration emphasizes both companies' commitment to enhancing patient access to biosimilars, ultimately contributing to healthcare sustainability.

Alvotech has entered into an exclusive global licensing agreement with BiosanaPharma to co-develop AVT23, a proposed biosimilar to Xolair, which had global sales of $3.3 billion in 2020. AVT23 will leverage BiosanaPharma's proprietary 3C process technology for low-cost manufacturing. Under the agreement, Alvotech gains exclusive global rights, while BiosanaPharma receives an upfront payment and tiered royalties. AVT23 is currently in late-stage development, with prior studies showing favorable bioavailability and safety compared to Xolair.

Alvotech and Oaktree Acquisition Corp. II announced a $21 million increase in commitments for a private investment in public equity (PIPE) as part of their business combination. The total PIPE has reached approximately $175 million, driven by interest from major Icelandic investors. The proposed transaction could provide Alvotech with over $475 million in gross proceeds and an initial enterprise value of around $2.25 billion. The transaction is expected to close in H1 2022, pending Oaktree II stockholder approval.

Health Canada has approved the marketing of SIMLANDI (AVT02), a biosimilar to Humira, developed by Alvotech in collaboration with JAMP Pharma. This approval permits the launch of high-concentration presentations (40 mg/0.4 mL and 80 mg/0.8 mL) in Canada, which previously lacked such options. With Humira's global sales exceeding $20 billion and $700 million in Canada, the launch positions SIMLANDI to capture significant market share. JAMP Pharma aims to provide a lower-cost alternative, ultimately offering patients a citrate-free option and fewer injections.

Alvotech Holdings S.A. has received approval from the European Commission for its biosimilar AVT02, a high concentration version of Humira (adalimumab), on November 15. This approval covers all EU Member States and countries in the EEA. Humira generated approximately US$20 billion in sales in 2020. Alvotech aims to improve access to affordable biosimilars, marking a significant milestone in its growth strategy. Alvotech is set to merge with Oaktree Acquisition Corp. II, with the combined entity expected to trade on NASDAQ under the symbol 'ALVO.'

Alvotech and Oaktree Acquisition Corp. II announce a definitive merger agreement, creating a combined entity valued at approximately $2.25 billion. This transaction is projected to provide over $450 million in gross proceeds to Alvotech, supporting its mission to deliver affordable biosimilar medicines globally. Alvotech's pipeline includes seven biosimilar candidates, with anticipated sales exceeding $80 billion. The merger is unanimously approved and expected to finalize in the first half of 2022.