📝 AlvoTech raises $117M

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As of January 2, 2026, Alvotech has finalized a sophisticated $117 million "liquidity bridge" led by GoldenTree Asset Management, replacing its restrictive working capital facility with a high-yield (12.5%) senior term loan designed to fuel a pivotal execution year. This financing, following a $108 million convertible bond placement just weeks ago, provides the capital necessary to navigate a year defined by four major global product launches and a projected $650M–$700M in revenue. While the company has successfully pivoted to profitability in late 2025, its survival hinges on converting this massive R&D pipeline—including the high-profile U.S. launch of its Eylea biosimilar (AVT06) in Q4 2026—into steady cash flow before its two-year debt maturities arrive. Alvotech is effectively betting the house that its world-class manufacturing facility in Reykjavík can satisfy both the FDA’s stringent quality mandates and the global demand for affordable alternatives to some of the world’s most expensive medicines.

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