Alvotech (ALVO) said late Wednesday it has completed a private placement of the equivalent of 7.5 million shares in Swedish depository receipts, or SDRs, and ordinary shares at a price of 100 Swedish kronor ($10.43) per SDR and 1,320.83 Icelandic krona ($10.43) per ordinary share.

Total proceeds from the offering were 750 million Swedish kronor. The proceeds are expected to be used for improving research and development activities, as well as for general corporate purposes.

The biotech company said the transaction attracted strong interest from institutional investors, with a majority of shares allocated to investors outside of Iceland.

The company said the placement has now been finalized with the sale of about 5.8 million SDRs and about 1.7 million ordinary shares.