Biotech company Alvotech became the first dual-listed Icelandic company in Iceland and the US when it completed its listing in Iceland’s stock market yesterday. The company’s founder Róbert Wessman expects a fast growth and that the company will become leading in its field.
Biotech company Alvotech’s ordinary shares were admitted to trading on the Nasdaq First North Growth Market in Iceland (“Nasdaq First North”) a week after its debut on the Nasdaq stock market. Róbert Wessman, founder and chair of the Alvotech Board, rang the closing bell at the Nasdaq First North market in Iceland yesterday.
In a speech celebrating the occasion, President of Nasdaq Iceland Magnús Harðarson stated that Alvotech was now the second most valuable company in Nasdaq Iceland. Róbert noted that the company’s primary goal was to develop and manufacture biosimilar medicines more cost-effectively than before so that as many people who needed them as possible could afford them.
Róbert told RÚV that the company’s recent milestones feel like a fairytale. “Being there on the grand stage in New York last week was very fun, and we had key managers who joined us in ringing the bell that morning. To experience it again here is so great. We’re very excited to list the company in Iceland.” Róbert maintains that Alvotech’s main operations are in Iceland and that they invested over a hundred billion ISK here. He expects that the company will grow fast in the near future. “We expect our company to be one of the leaders in our field.”