Announce Shareholder Approval of Business Combination

Alvotech and Oaktree Acquisition Corp.II Announce Shareholder Approval of Business Combination

REYKJAVIK, Iceland & LOS ANGELES (June 7, 2022) – Alvotech Holdings S.A. (“Alvotech S.A.”), a global biotech company focused solely on the development and manufacture of biosimilar medicines for patients worldwide, and Oaktree Acquisition Corp. II (“OACB”) (NYSE: OACB), a special purpose acquisition company sponsored by an affiliate of Oaktree Capital Management, L.P. (“Oaktree”), announced today that their previously announced business combination between Alvotech S.A., OACB and the legal entity named Alvotech, previously named Alvotech Lux Holdings S.A.S., with Alvotech as the surviving entity (the "Business Combination") was approved by OACB shareholders at an Extraordinary General Meeting (the "EGM") on June 7, 2022.

It is anticipated that the Business Combination will close on or about June 15, 2022, subject to the satisfaction of all other applicable closing conditions. The ordinary shares of Alvotech are expected to trade under the new ticker symbol “ALVO” on The Nasdaq Stock Market in New York and The Nasdaq First North Growth Market in Reykjavik and the warrants of Alvotech are expected to trade on The Nasdaq Stock Market in New York under the new ticker symbol “ALVOW.”

This is an exciting time for the Alvotech team, our partners and everyone else demanding more affordable, high-quality biologic medicines. Since our inception a decade ago, we have dedicated ourselves to expanding patient access to life-altering treatments.

Róbert Wessman, founder and Chairman of Alvotech

Alvotech is becoming a public company at a pivotal inflection point in the global healthcare industry, a time when demand for increased affordability and accessibility has never been greater. We are proud to partner with a company that is transforming the lives of patients and enhancing the sustainability of healthcare systems, and look forward to continuing to work with the Alvotech team in achieving their goal of becoming a leading supplier of biosimilar medicine in all major markets around the world.

Zaid Pardesi, CFO & Head of M&A of Oaktree Acquisition Corp II

Further information can be found on Alvotechs website.