Icelandic Company Alvotech Set to Conquer US Market

Róbert Wessman rings the closing bell at Nasdaq Iceland to celebrate listing Alvotech for trading.

Icelandic biotech company Alvotech accepted an offer from professional investors today for the sale of shares worth ISK 23 billion [USD 166 million]. The sale will be conducted through Nasdaq Iceland. Just two days ago, Alvotech’s drug SIMLANDI was approved by the US Food and Drug Administration (FDA). This positions it to compete with one of the highest-grossing pharmaceutical products in the world.

Share price up 11.8%

Alvotech was founded by Icelander Róbert Wessman, who still heads the company. The company focuses on the development and manufacture of biosimilar medicines worldwide. Alvotech intends to use the net proceeds from the transaction “to strengthen its production capacity and to support expected biosimilars launches,” according to the company. Alvotech’s share price is up 11.8% today and is now at ISK 2,500 per share.

New drug approved for US market

Three days ago, Alvotech’s drug SIMLANDI was approved by the FDA as an interchangeable biosimilar to Humira for the treatment of several types of arthritis and other conditions. SIMLANDI is the first high-concentration, citrate-free biosimilar to Humira that has been granted an interchangeability status by the FDA. This means it can be substituted at pharmacies without consulting the prescriber, like generic drugs are substituted for brand-name drugs.

Could change US pharmaceutical market dynamics

“This approval is an important milestone in Alvotech’s journey to offer broader access worldwide to more affordable biologics,” Róbert Wessman stated. He adding that SIMLANDI “has the potential to change the market dynamics in a rapidly evolving environment for biosimilars in the US.”

In 2023, Humira was one of the highest-grossing pharmaceutical products in the world. Its sales in the U.S. reached nearly $12.2 billion.

Alvotech Completes Dual Icelandic and US listing

Róbert Wessman rings the closing bell at Nasdaq Iceland to celebrate listing Alvotech for trading.

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.”

 

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