Alvotech (NASDAQ: ALVO), a global biotech company specialized in
the development and manufacture of biosimilar medicines for
patients worldwide, today announced the expansion of its board of
directors as part of its transition from a private to a publicly
traded company. The four incoming board members, Lisa Graver, Arni
Hardarson, Linda McGoldrick and Ann Merchant joined Robert Wessman,
founder and Executive Chairman, Richard Davies, Tomas Ekman and
Faysal Kalmoua. Ms. Merchant, Ms. McGoldrick, and Mr. Davies serve
as independent directors of the board.
“I am delighted to welcome our new members of our board at a
crucial time in our evolution,” said Robert Wessman, Executive
Chairman and founder of Alvotech. “The scientific expertise,
operational experience, and capital markets acumen of the new board
members will be important in supporting our mission to enhance the
sustainability of the global healthcare system by expanding access
to biologic medicines.”
Robert Wessman founded Alvotech in 2013 and has served as
Chairman of the Board of Directors since 2019. He is also Chairman
of the board of directors of Alvogen and Lotus Pharmaceuticals and
serves as a board member at Fuji Pharma Co. Ltd. Prior to founding
Alvotech, Mr. Wessman as CEO led Actavis, a small domestic
pharmaceutical company, into a global generics company. He then
founded Alvogen, transforming it from a CMO into a global generics
company and has served as Alvogen’s CEO and Chairman. Mr. Wessman
is also a partner in the Aztiq Group (“Aztiq”). He has a BS degree
in Business Administration from the University of Iceland.
Richard Davies currently serves as Deputy Chairman of the Board
of Directors for Alvotech and Chairman of the Remuneration
Committee. He also currently serves as CEO of Auregen Bio
Therapeutics, and previously served as CEO of Bonesupport, Senior
VP and CCO of Hospira and in various leadership roles at Amgen. Mr.
Davies holds a BS degree in applied chemistry from the University
of Portsmouth and an MBA from the University of Warwick.
Linda McGoldrick serves as Chairman of Alvotech’s Board of
Directors’ Audit Committee. She has served in numerous management
and non-executive director roles in the healthcare and life
sciences industries, internationally. These include leadership
positions at Marsh-MMC Companies, Veos, Kaiser Permanente
International, Compass Pathways and Zillion. She founded and
currently serves as Chairman and CEO of Financial Health Associates
International and is the CEO of 2EnableHealth. In 2012, Ms.
McGoldrick was named as one of the Top 100 Corporate Directors in
Remuneration of Fortune 100 Companies by the Financial Times. She
received an MSW in Healthcare from the University of Pennsylvania
and an MBA from The Wharton School.
Thomas Ekman has served as one of Alvotech’s directors since
2019. He is a partner at CVC Capital Partners and a member of CVC’s
Nordics team. Previously Mr. Ekman was partner and MD at 3i Group.
He holds Master of Science degrees from the University of
Strathclyde and Chalmers University of Technology and an MBA from
IMD in Switzerland.
Lisa Graver has served in various leadership positions at
Alvogen since June 2010, including as CEO of Alvogen U.S. since
August 2015. Prior to joining Alvogen, Ms. Graver was VP of
Intellectual Property and Senior Director of Intellectual Property
at Actavis. She holds a BS degree in biology from Lakehead
University and a Juris Doctor degree from Case Western University
School of Law.
Arni Hardarson is a partner in Aztiq and served as General
Counsel and Deputy CEO of Alvogen and been part of Alvogen’s
executive team since 2009. Prior to joining Aztiq and Alvogen, Mr.
Hardarson was VP of Tax and Structure at Actavis, and served as
head of tax and legal services at Deloitte. He holds a master’s
degree in law from the University of Iceland.
Faysal Kalmoua has served as one of Alvotech’s directors since
2020 and is a partner in Aztiq. Previously, Mr. Kalmoua held
various management positions at Alvogen Iceland ehf. and Alvogen
Inc, and for Synthon. He holds a Master of Chemistry degree from
Radboud University Nijmegen and an executive MBA from Insead.
Ann Merchant has served as VP for MorphoSys since 2018 and Head
of Global Supply Chain since January 2019. Prior to joining
MorphoSys, Ms. Merchant served as President of Schreiner Medpharm
and held various roles at Amgen, including VP Head of International
Supply Chain. She holds an MBA from Henley Business School and a BS
degree in languages from Georgetown University.
Alvotech’s shares were listed on the Nasdaq stock exchange in
New York on June 16, 2022. Following the debut of Alvotech as a
publicly traded company, the largest Icelandic company to make its
debut on a U.S. stock exchange, Alvotech was also listed on the
Nasdaq First North Growth Market in Iceland on June 23, 2022, thus
becoming the first dual-listed Icelandic company on both a United
States and Icelandic stock exchange.
About Alvotech
Alvotech specializes in making biosimilars, to improve lives by
expanding access to affordable biologic medicines. Founded by
Robert Wessman, Alvotech seeks to be a global leader in the
biosimilar space by delivering high-quality, cost-effective
biologics, enabled by a vertically integrated approach from R&D
to fill and finish manufacturing. To enable global reach, Alvotech
has formed a network of strategic commercial partnerships in over
90 countries, including the United States, Canada, Europe, Asia,
Latin America, Africa and the Middle East. Alvotech’s current
portfolio of eight biosimilars and biosimilar candidates, includes
AVT02, a biosimilar to Humira® which is approved and marketed
in Europe (Hukyndra®) and Canada (Simlandi®) and seven biosimilar
candidates targeting immunology, oncology, respiratory, bone
disease and ophthalmology. For more information, please visit
www.alvotech.com. None of the information on the Alvotech website
shall be deemed part of this press release.
Forward-Looking Statements
Certain statements in this communication may be considered
“forward-looking statements.” Forward-looking statements generally
relate to future events or the future financial operating
performance of Alvotech. For example, Alvotech’s expectations
regarding capitalization through equity or debt, future growth,
results of operations, performance, future capital and other
expenditures including the development of critical infrastructure
for the global healthcare markets, competitive advantages, business
prospects and opportunities including pipeline product development,
future plans and intentions, results, level of activities,
performance, goals or achievements or other future events, the
timing of the announcement of clinical trial results, the ability
to obtain regulatory or maintain regulatory approvals for
Alvotech’s products and product candidates, the timing of the
announcement of clinical trial results, regulatory approvals and
market launches, and the estimated size of the total addressable
market of Alvotech’s pipeline products. In some cases, you can
identify forward-looking statements by terminology such as “may”,
“should”, “expect”, “intend”, “will”, “estimate”, “anticipate”,
“believe”, “predict”, “potential” or “continue”, or the negatives
of these terms or variations of them or similar terminology. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Alvotech and its
management, are inherently uncertain and are inherently subject to
risks, variability, and contingencies, many of which are beyond
Alvotech’s control. Factors that may cause actual results to differ
materially from current expectations include, but are not limited
to: (1) the outcome of any legal proceedings that may be instituted
against Alvotech or others following the business combination
between Alvotech Holdings S.A., Oaktree Acquisition Corp. II and
Alvotech, with Alvotech as the surviving company (the “Business
Combination”); (2) the ability to meet or maintain stock exchange
listing standards; (3) the risk that the Business Combination
disrupts current plans and operations of Alvotech; (4) the ability
to recognize the anticipated benefits of the Business Combination,
which may be affected by, among other things, competition, the
ability of the Alvotech to grow and manage growth profitably,
maintain key relationships and retain its management and key
employees; (5) changes in applicable laws or regulations; (6) the
possibility that Alvotech may be adversely affected by other
economic, business, and/or competitive factors; (7) Alvotech’s
estimates of expenses and profitability; (8) Alvotech’s ability to
develop, manufacture and commercialize the product candidates in
its pipeline; (9) actions of regulatory authorities, which may
affect the initiation, timing and progress of clinical trials or
future regulatory approvals or marketing authorizations; (10)
Alvotech’s ability to obtain and maintain regulatory approval or
authorizations of its product candidates, including the timing or
likelihood of expansion into additional markets or geographies;
(11) the success of Alvotech’s current and future collaborations,
joint ventures, partnerships or licensing arrangements; (12)
Alvotech’s ability, and that of its commercial partners, to execute
their commercialization strategy for approved products; (13)
Alvotech’s ability to manufacture sufficient commercial supply of
its approved products; (14) the outcome of ongoing and future
litigation regarding Alvotech’s products and product candidates;
(15) the potential impact of the ongoing COVID-19 pandemic on the
FDA’s review timelines, including its ability to complete timely
inspection of manufacturing sites; and (16) other risks and
uncertainties set forth in the section entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in
Alvotech’s Registration Statement on Form F-4 or in other documents
filed with the SEC. There may be additional risks that Alvotech
does not presently know or that Alvotech currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. Nothing in this
communication should be regarded as a representation by any person
that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. You should not place
undue reliance on forward-looking statements, which speak only as
of the date they are made. Alvotech does not undertake any duty to
update these forward-looking statements or to inform the recipient
of any matters of which any of them becomes aware of which may
affect any matter referred to in this communication. Alvotech
disclaims any and all liability for any loss or damage (whether
foreseeable or not) suffered or incurred by any person or entity as
a result of anything contained or omitted from this communication
and such liability is expressly disclaimed. The recipient agrees
that it shall not seek to sue or otherwise hold Alvotech or any of
its directors, officers, employees, affiliates, agents, advisors,
or representatives liable in any respect for the provision of this
communication, the information contained in this communication, or
the omission of any information from this communication.
Important Notice
Two categories of shares are listed on Nasdaq First North: (i)
Alvotech shares that will also be tradable on the Nasdaq Stock
Market LLC will appear on custody accounts as foreign securities
marked "ALVOUS" in USD; and (ii) Alvotech shares that will be
tradable only on Nasdaq First North will appear on custody accounts
marked "ALVOIS" in ISK. This second category of shares tradable on
Nasdaq First North has not been, and may not be, registered under
the U.S. Securities Act of 1933, as amended (the “Securities Act”).
The shares were offered only to non-U.S. Persons outside the United
States in transactions exempt from the registration requirements of
the Securities Act in reliance on Regulation S. By acquiring these
shares, the holder represented and warranted that it (a) is not a
U.S. Person (as defined in Regulation S) and (b) is not holding the
shares for the account or benefit of any U.S. Person. Such shares
are “restricted securities” as defined under Rule 144(a)(3)
promulgated under the Securities Act, and may not be taken up,
offered, sold, resold, delivered or distributed, directly or
indirectly within, into or from the United States or to, or for the
account or benefit of, U.S. Persons except: (a)(i) in an offshore
transaction meeting the requirement of Regulation S, (ii) pursuant
to an available exemption from the registration requirements of the
Securities Act, or (iii) pursuant to an effective registration
statement under the Securities Act. Resales or reoffers of shares
made offshore in reliance on Regulation S may not be sold to, or
for the account or benefit of, any U.S. Person (as defined in
Regulation S) during the distribution compliance period under
Regulation S.
CONTACTS Alvotech Investor
Relationsalvotech.ir@alvotech.com
Alvotech Corporate
Communicationsalvotech.media@alvotech.com
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