Alvotech (NASDAQ:ALVO), a global biotech company specializing in biosimilar medicines, has closed a $965 million senior secured first lien term loan facility.

The financing allows the company to refinance existing debt, improve its debt maturity profile, and advance its development pipeline.

Following the closing, Alvotech’s total gross borrowings stand at $1,035 million, with a cash balance of $185 million.

The loan facility comprises a $900 million term loan at SOFR plus 6.5% per annum and a $65 million term loan at SOFR plus 10.5% per annum.

The company says it will use the available cash to support ongoing and future biosimilar launches.