Icelandic BioTech Alvotech secures €100 million term loan facility to bolster liquidity and R&D investment
Alvotech, a Reykjavík-based BioTech company specialising in the development and manufacture of biosimilar medicines, has secured a €100 million senior term loan facility to strengthen liquidity and support the execution of its strategic priorities in 2026.
The term loan facility bears an interest rate of 12.50%, payable monthly in cash, and has a maturity date of 2 years. The transaction, led by GoldenTree Asset Management, replaces the company’s previously disclosed working capital facility (ABL) and provides Alvotech with access to the full €100 million for the duration of the loan term. The structure offers enhanced operational flexibility, Alvotech claims.
“This €100 million financing underscores the long-term commitment of our financing partners at GoldenTree and their alignment with Alvotech’s strategy. Their support strengthens our ability to execute on our growth plans, invest in R&D, and deliver high-quality biosimilars to patients worldwide,” said Robert Wessman, Chairman and CEO of Alvotech.
Founded in 2013 by Wessman, Alvotech aims to be a global leader in the biosimilar domain. “A biosimilar is a biologic medicine that is highly similar to and has no clinically meaningful differences from an existing approved biologic medicine, or reference product. Biosimilars (like reference products) are produced in living systems,” Alvotech explained on its website.
According to the Icelandic company, five biosimilars are already approved and marketed in multiple global markets, including biosimilars to Humira® (adalimumab), Stelara® (ustekinumab), Simponi® (golimumab), Eylea® (aflibercept) and Prolia®/Xgeva® (denosumab).
Its current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer.
In December 2025, Alvotech announced the successful placement of €91.9 million ($108 million) senior unsecured convertible bonds due 2030. Additionally, in June 2025, the company announced the repricing of its existing facility to an interest rate of SOFR plus 6.0% per annum, equivalent to approximately 9.8% based on the 30-day average SOFR rate of ~3.8%. In June 2024, it announced the successful arrangement of a strategic refinancing transaction maturing in June 2029, also led by GoldenTree Asset Management.
Alvotech stated that its R&D pipeline currently includes 30 products in development. The company is expanding its production capacity and strengthening its supply chain to support four global product launches planned through 2026.
The company claims to have established a network of commercial partnerships to support market access in regions including the United States, Europe, Japan, China, other Asian countries, and parts of South America, Africa, and the Middle East.
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