OACB - Oaktree Acquisition Corp. II started at outperform at Northland ahead of Alvotech merger

March, 21 2022 12:27 PM Oaktree Acquisition Corp. II Class A

Northland has initiated SPAC Oaktree Acquisition Corp. II (NYSE:OACB -0.3%) with an outperform rating ahead of its planned merger with Icelandic biotech Alvotech. The acquisition, announced in December, values Alvotech at $2.25B. Northland has a $15 price target (~51% upside based on Friday's close). Analyst Tim Chiang noted that Alvotech is focused exclusively on biosimilars and the company just settled a patent dispute with AbbVie (ABBV +0.2%), which will allow it to launch AVT02, a biosimilar to Humira (adalimumab), in 2023. In January, Alvotech announced an upsized commitment of private placement of around $175M for the transaction.

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Oaktree Acquisition Corp. II started at outperform at Northland ahead of Alvotech merger

Company Name:	Oaktree Acquisition Corp. II Class A
Stock Symbol:	OACB
Market:	NYSE

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