Last Updated on August 12, 2022 by GlobeNewsWire
After becoming the first Icelandic company to list its shares both in the U.S. and Iceland, Alvotech prepares to move to the Nasdaq Main Market in IcelandListing on the Main Market can increase visibility and may allow Alvotech to be included in both Icelandic and international indexes
Alvotech (NASDAQ: ALVO), a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide, today announced that its Board of Directors has approved a plan to move its share listing from the First North Growth Market to the Nasdaq Main Market in Iceland (“Main Market”). Alvotech’s admission to trading on the Main Market is subject to an extensive application process. A Main Market listing can increase a company’s visibility and may result in inclusion in Icelandic and international indexes. Starting in September 2022, shares of companies listed on the Icelandic Main Market may become eligible for the FTSE Global All Cap and related indexes, subject to meeting certain conditions with respect to trading volume and duration of listing. The selection of shares to be included in the FTSE indexes is revised periodically, every six months.
Alvotech’s shares are currently listed on the Nasdaq Stock Market in the U.S. and on the Nasdaq First North Growth Market under the ticker symbol “ALVO”. Alvotech’s shares were admitted to trading in the U.S. on June 16, 2022 and in Iceland on June 23, 2022.
“We look forward to starting the application process to move Alvotech’s shares to the Main Market in Iceland, after our debut as the first dual-listed Icelandic company in both the U.S. and Iceland.” said Robert Wessman, founder and Executive Chairman of Alvotech.
The Nasdaq First North Growth Market is a multilateral trading facility (“MTF”) governed by a less extensive rulebook than the Main Market. The European Directive 2004/109/EC of 15 December 2004 on transparency requirements for issuers whose securities are admitted to trading on a regulated market (the “Transparency Directive”) does not apply to shares listed on MTFs. If its shares are admitted to trading on the Main Market in Iceland, Alvotech would become subject to supervision of the Luxembourg Commission de Surveillance du Secteur Financier as competent authority under the Transparency Directive, as transposed in Luxembourg.
Alvotech’s current portfolio of eight products and product candidates are aimed at treating autoimmune disorders, eye disorders, bone disease, respiratory disease and cancer and represent an estimated total addressable market of over US$85 billion, based on estimated peak sales of the reference products1.
Alvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech’s current pipeline contains eight biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit http://www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release.