Reykjavík-based Alvotech has put a €100 mn senior term loan in place, tightening liquidity and giving the company room to run through its 2026 priorities. The facility adds cash certainty at a moment when execution matters more than optics.
The loan carries a 12.5% interest rate, paid monthly in cash, and matures in two years. GoldenTree Asset Management led the transaction.
The structure replaces Alvotech’s previously disclosed asset-based working capital facility and gives the company access to the full €100 mn for the entire term. Management says that swap improves operational flexibility. Maybe expensive money, but predictable.
Robert Wessman, Alvotech’s chairman and CEO, framed the financing as a signal of alignment rather than rescue capital. He said GoldenTree’s backing supports growth plans, ongoing R&D investment, and the company’s ability to deliver biosimilar medicines globally. That confidence has shown up repeatedly in how the balance sheet has been managed.
This €100 mn financing underscores the long-term commitment of our financing partners at GoldenTree and their alignment with Alvotech’s strategy.
Robert Wessman, Chairman and CEO of Alvotech
“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.
Wessman founded Alvotech in 2013 with a clear aim: build a global biosimilars specialist rather than a diversified biotech. Biosimilars, the company explains, are biologic medicines that closely mirror approved reference biologics, with no clinically meaningful differences, and are produced in living systems. Simple definition. Hard execution.
So far, five biosimilars are approved and on the market across multiple regions. These include versions of Humira (adalimumab), Stelara (ustekinumab), Simponi (golimumab), Eylea (aflibercept), and Prolia/Xgeva (denosumab). That portfolio anchors near-term revenue while the pipeline does the heavy lifting.
The disclosed development pipeline lists nine additional biosimilar candidates, targeting autoimmune and eye disorders, osteoporosis, respiratory disease, and oncology.
Broader still, Alvotech says its R&D engine now covers 30 products in development. That scale explains the financing cadence. Pipelines burn cash quietly, then all at once.
Recent funding history shows a pattern.
- In December 2025, Alvotech placed €91.9 mn in senior unsecured convertible bonds due 2030.
- Earlier, in June 2025, it repriced an existing facility to SOFR plus 6%, roughly 9.8% at the time.
- In June 2024, the company completed a strategic refinancing maturing in 2029, also led by GoldenTree.
Operationally, the company is expanding production capacity and tightening its supply chain ahead of four global product launches planned through 2026.
Manufacturing readiness, not just regulatory success, will decide whether timelines hold. That’s where biosimilars tend to slip.
Commercially, Alvotech has stitched together a broad partner network. The footprint spans the United States, Europe, Japan, China, other Asian markets, and parts of South America, Africa, and the Middle East.
According to Beinsure, that geographic spread reduces single-market risk, though coordination costs rise fast.
We think the €100 mn term loan says less about distress and more about control. Alvotech is buying time, certainty, and optionality. At a price, sure. But for a biosimilars business heading into multiple launches, certainty often wins.
