Alvotech and Islandsbanki enter into Market Making Agreement for Shares Trading on Nasdaq Iceland
09 Oct 2023
Biosimilar
Alvotech (Nasdaq: ALVO) and Íslandsbanki hf. (“Islandsbanki”) have entered into a market making agreement. According to the market making agreement, Islandsbanki places bids and offers for ALVO shares trading on the Nasdaq Iceland Main Market (the “Exchange”) for a minimum amount with a fixed spread between the bid and offer price.
Islandsbanki will post bids and offers on the exchange amounting to at least ISK 8 million at market value at any given time at a price determined by Islandsbanki, which shall deviate no more than 3% from the last traded price. The spread between bid and ask market making orders will be held as close as possible to 1.5%, in accordance with the Exchange’s tick size increments in effect at that time but should be at least 1.45% unless changes in the exchange’s fixed tick size increments require a reduction in the spread below that limit. If Islandsbanki’s net volume of trades within a single trading day exceeds ISK 60 million, the maximum spread between bid and ask market making orders will be considered to be no longer binding, for the remainder of the day. If Alvotech’s share price increases or decreases by more than 5% within a trading day, Islandsbanki may double the spread between bid and ask market making orders for the remainder of the day.
The market making agreement goes into effect at the start of trading on the Exchange on Friday October 6, 2023. It is for an indefinite term, but each of the two parties may choose to terminate after giving a 14-day prior notice.
Previous market making agreements with Landsbankinn hf. and Arion Bank hf. for ALVO shares trading on the Exchange remain in effect.
About Alvotech
Alvotech is a biotech company, founded by Robert Wessman, 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 eight biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release.
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