Alvotech, battling AbbVie over its Humira biosim, raises $450M and tees up Nasdaq debut

Alvotech, the biosim specialist locked in a legal battle over AbbVie's sales Goliath Humira, is revving up for its debut on the Nasdaq.

The Icelandic company is joining forces with a special purpose acquisition company (SPAC) sponsored by an affiliate of Oaktree Capital Management, Alvotech said Tuesday. The deal immediately puts Alvotech in line for $450 million in new cash and tees up the company's Nasdaq launch under the "ALVO" tag.