Abu Dhabi's GlobalOne Healthcare increases stake in Alvotech
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Abu Dhabi’s GlobalOne Healthcare increases stake in Alvotech

Abu Dhabi’s GlobalOne Healthcare increases stake in Alvotech

Iceland-based Alvotech develops and manufactures biosimilar medicines

Gulf Business

GlobalOne Healthcare Holding (GHH), which is part of Yas Holding, has increased its stake in Iceland-based biopharmaceutical company, Alvotech.

In 2019, Yas Holding acquired a 2.5 per cent 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 $45m. The recent investment in Alvotech is GHH’s second round of funding.

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 technologies aimed at treating autoimmunity, oncology and inflammatory conditions. The biosimilars will improve both access and the quality of life for patients worldwide.

In December last year, Alvotech entered into a definitive business combination agreement with a special purpose acquisition company (SPAC), backed by Oaktree Capital Management. The proposed transaction is expected to close in the first half of the year, post which the combined company’s securities are expected to be traded on Nasdaq under the symbol ‘ALVO’.

Upon completion of the proposed transaction, the combined company is estimated to be valued at around $2.25bn. Alvotech is expected to receive total proceeds of $450m from the transaction (assuming no redemptions), including $150m from a private placement in public equity backed by Temasek and CVC Capita.

GlobalOne Healthcare Holding has been rapidly growing its portfolio, which now includes biopharma, manufacturing, medical supply chain, hospital and clinic management, healthcare technology, and occupational health and wellness. In September last year, GHH completed the 100 per cent acquisition of Gulf Inject from Ras Al Khaimah-based pharmaceutical company Julphar for an undisclosed sum. It also acquired a majority shareholding in Geltec Healthcare, which has a manufacturing unit in Dubai. In 2020, GHH also bought WellPharma Medical Solutions, which operates the UAE’s most advanced IV solutions manufacturing facility.

Read: Here’s why UAE’s Yas Holding is bullish on the future of healthcare

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