Alvotech secures $100 million term loan facility

Alvotech (NASDAQ: ALVO) announced it has secured a $100 million senior term loan facility with a two-year maturity, led by GoldenTree Asset Management. The loan, which matures in December 2027, carries an interest rate of 12.50% payable monthly in cash.

The biotechnology company said the financing will support its research and development pipeline and global product launches through 2026. Alvotech currently has 30 products in development and plans four new global product launches through 2026.

"This USD 100 million financing underscores the long-term commitment of our financing partners at GoldenTree and their alignment with Alvotech's strategy," said Robert Wessman, Chairman and CEO of Alvotech. "Their support strengthens our ability to execute on our growth plans, invest in R&D, and deliver high-quality biosimilars to patients worldwide."

The transaction replaces the company's previously disclosed working capital facility and provides Alvotech with access to the full $100 million throughout the loan term. The company said this structure offers enhanced operational flexibility.

The term loan follows other recent financing activities by Alvotech, including a strategic refinancing transaction maturing in June 2029 and the repricing of an existing facility to an interest rate of SOFR plus 6.0% per annum. The company also announced the placement of $108 million in senior unsecured convertible bonds due 2030.

Alvotech develops and manufactures biosimilar medicines and has five biosimilars already approved and marketed globally, including biosimilars to Humira, Stelara, Simponi, Eylea and Prolia/Xgeva.

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