Alvotech announced it has entered into a $100 million senior term loan facility maturing in December 2027, a financing it expects will strengthen liquidity and support execution of its strategic priorities, including advancing its R&D pipeline and funding global product launches through 2026.
The Reykjavik-based biosimilars developer and manufacturer said GoldenTree Asset Management led the transaction and replaced the company’s previously disclosed working capital facility (ABL). Alvotech added that the structure provides access to the full $100 million throughout the loan term, which it said improves operational flexibility.
Under the terms disclosed, the facility bears interest at 12.50% per year, payable monthly in cash.
The additional liquidity supports continued investment across a development pipeline comprising 30 products, alongside efforts to expand production capacity and strengthen its supply chain as it prepares for four new global product launches through 2026.
The new term loan, alongside other recent capital structure actions, including a GoldenTree-led refinancing transaction announced in June 2024 that matures in June 2029, and the June 2025 repricing of an existing facility to SOFR plus 6.0% per annum, which Alvotech said equated to roughly 9.8% based on a 30-day average SOFR rate of about 3.8%. More recently, Alvotech also announced the placement of $108 million in senior unsecured convertible bonds due 2030.
Alvotech said five of its biosimilars are already approved and marketed in multiple global markets, including biosimilars referencing Humira, Stelara, Simponi, Eylea, and Prolia/Xgeva.
KEY QUOTE:
“This USD 100 million financing underscores the long-term commitment of our financing partners at GoldenTree and their alignment with Alvotech’s strategy. Their support strengthens our ability to execute on our growth plans, invest in R&D, and deliver high-quality biosimilars to patients worldwide.”
Robert Wessman, Chairman And CEO, Alvotech
