PHOTO
Abu Dhabi, United Arab Emirates: GlobalOne Healthcare Holding (GHH), a Yas Holding division, has announced the expansion of its strategic investment in Iceland-based biopharmaceutical company, Alvotech. Alvotech announced on 7 December 2021 that it had entered into a definitive business combination agreement with a special purpose acquisition company (SPAC), backed by Oaktree Capital Management L.P. The proposed transaction is expected to close in the first half of 2022, after which the combined company’s securities are expected to be traded on NASDAQ under the symbol “ALVO”.
Completed through its dedicated healthcare investment vehicle, GlobalOne Healthcare Holding LLC (GHH), the recent investment in Alvotech is their second round of funding. The investment further demonstrates GHH’s long-term strategic commitment to the success of the biopharmaceutical company, which is expected to bring biologic technology to potentially transform the region’s healthcare industry.
In 2019, Yas Holding acquired a 2.5% stake in Alvotech, signing an exclusive partnership agreement to commercialise its products in the Middle East and North Africa region. The deal was valued at around $45 million.
Murshed Al Redaini, Group Chief Executive Officer of Yas Holding, said: “Three years ago, we recognised the potential for Alvotech, which we expect to be one of the most successful biopharmaceutical manufacturing companies globally. Our investment in the expanding company positions us at the forefront of innovative biopharmaceuticals. We are very pleased with our strategic partnership with Alvotech, which aligns with our vision to continuously improve access to biopharmaceuticals in the UAE, while serving to strengthen our ongoing investments in the healthcare industry.”
Ashraf Radwan, CEO of GlobalOne Healthcare, said: “Alvotech is at the cutting edge of global biopharmaceutical manufacturing, and through our exclusive regional partnership, we will be able to localise manufacturing and analytics, while we continue to explore collaboration opportunities with the UAE Ministry of Health, to transfer biopharmaceutical manufacturing and analytics technology to the region. This is part of GHH strategy to invest in global life sciences and disruptive Healthtech, and to facilitate the transfer of these technologies to the region.
Alvotech, which has partnered with pharmaceutical companies in more than 50 countries, is focused on the development and manufacturing of biosimilar medicines. The company’s pipeline contains several monoclonal-antibody and fusion-protein biosimilar technology aimed at treating autoimmunity, oncology and inflammatory conditions. The biosimilars will improve both access and the quality of life for patients worldwide. Alvotech’s vertically integrated platform can support new products each year, which will create a substantial portfolio of high quality, high-value products.
Upon completion of the proposed transaction, the combined company is estimated to be valued at around US$2.25 billion. Alvotech is expected to receive total proceeds of $450 million from the transaction (assuming no redemptions), including $150 million from a private placement in public equity backed by Temasek, CVC Capital Partners and funds managed by Suvretta Capital, among others.
-Ends-
About Yas Holding
Yas Holding is a renowned UAE headquartered investment company with a multi-industry business portfolio with 7,500 employees and more than 60 operating subsidiaries. The group is in a growth mode, with expanding business interests in agriculture, food, healthcare, education, aviation, real estate, FMCG, technology & services. Yas Holding’s diverse companies operate throughout the Middle East, Africa, Europe, and Asia.
For more information, please visit: www.yasholding.ae
About GlobalOne Healthcare
GlobalOne Healthcare Holding LLC (GHH) operates as the Healthcare Division of Yas Holding LLC. With investments in leading bio-pharmaceuticals and innovative manufacturing solutions, GHH is delivering on its commitment to improve healthcare outcomes and patient quality of life. GHH’s healthcare portfolio focuses on the provision of world-class healthcare services across a range of areas including customised clinical and non-clinical hospital management and healthcare consultancy services. Our companies specialise in biopharma, hospital management, medical supply chain, manufacturing, and occupational health.
About Alvotech
Alvotech is a biopharmaceutical company 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 seven biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, and cancer.
For more information, please visit: www.alvotech.com
© Press Release 2022
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
