Reykjavík-based biotech startup Alvotech specialises in the development and manufacture of biosimilar medicines. It has secured a €100 million senior term loan facility to strengthen liquidity and support the execution of its strategic priorities in 2026.
Previously, in December 2025, Alvotech placed nearly €92 million in senior unsecured convertible bonds due in 2030, while earlier refinancing deals pushed major maturities out to 2029. Toobtainher, these relocates provide a runway for expansion rather than defensive financing.
That capital is being directed toward increased manufacturing capacity and a more resilient supply chain. The company is preparing for four global product launches through 2026, supported by a vast network of commercial partners. With access routes established across the US, Europe, Asia, and emerging markets, Alvotech is positioning itself to turn scientific depth into sustained.
A cleaner balance sheet
The new facility replaces Alvotech’s earlier working capital arrangement and gives the company access to the full €100 million over a two-year term. Priced at 12.50% interest, payable monthly, the loan prioritises flexibility over complexity. Led by GoldenTree Asset Management, the transaction aligns with a series of refinancing relocates that have steadily reshaped Alvotech’s debt profile over the past two years.
Rather than layering short-term instruments, the company has opted for a structure that supports predictable cash planning. Management states the revised setup improves operational freedom, allowing teams to focus on execution rather than constant capital management.
From approvals to pipeline depth
From insulin to vaccines to monoclonal antibody cancer therapies, biologic medicines are revolutionising the way we treat diseases and improve patient lives.
Founded in 2013 by Robert Wessman, Alvotech aims to expand access to these important biologic medicines for patients worldwide by developing and manufacturing high-quality, cost-competitive biosimilars.
Alvotech’s commercial base is no longer theoretical. Five biosimilars are already approved and sold across multiple global markets, covering blockbuster biologics such as Humira, Stelara, Eylea, Simponi, and Prolia/Xgeva. These products span autoimmune diseases, ophthalmology, and bone health, giving the company exposure to large, established therapeutic markets.
Beyond marketed products, the pipeline continues to broaden. Nine disclosed biosimilar candidates are progressing across indications, including respiratory disease, cancer, osteoporosis, and inflammatory disorders. In total, the R&D engine now encompasses around 30 products at various stages of development, underlining the scale of Alvotech’s long-term ambitions.
“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,” stated Robert Wessman, Chairman and CEO of Alvotech.
“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.
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