The biotech company Alvotech is scheduled to enter the US stock market tomorrow. The company’s shares will be admitted to trading on the Nasdaq market in New York. Trading in Alvotech’s shares is also expected to begin on the First-North market, within the Icelandic stock market, on June 23rd.
„These are very exciting steps for the Alvotech team, our partners and all those who want to increase the supply of biotech meds that meet the most stringent requirements and reduce the cost of the healthcare system,“ said Róbert Wessman, founder and chairman of the company in an announcement earlier this month.
At the beginning of this month, the specialized acquisition company Oaktree Acquisition Corp. II approved a reverse merger with Alvotech. The market value of the merged companies upon listing on the market is 2.25 billion USD, or almost 290 billion ISK. This means that upon listing on the Icelandic stock market, Alvotech will be the second most valuable company on the market, right after Marel.
Wessman is therefore expected to ring the historic bell at the Nastaq market in New York tomorrow morning. It is considered a big step for an Icelandic company to enter the US stock market.
Disclaimer 1: A case has been filed against Róbert Wessman to the police, for alleged aiding and abetting in connection with a break-in at the offices of Mannlíf. He has on many occasions been invited to comment on these issues in Mannlíf, but has not accepted.
Disclaimer 2: The editor of Mannlíf is working on a biographical book about Róbert Wessman, which is partly financed by a company owned by the billionaire’s former associate. The book is expected to be published before the end of the year, both in Icelandic and English. The intention is to tell his story with integrity.
This article was originally published in Icelandic.