Baxter Healthcare was among the investors in the $65m first close of a private placement the biosimilar drug developer has pushed to $100m.

Iceland-based biosimilar drug developer Alvotech closed a $100m private placement yesterday that included medical equipment provider Baxter Healthcare, featuring financial services firm Shinhan Bank and family office Athos.

Baxter, Shinhan and Athos contributed to the $65m first close of the placement in October 2020, while the additional $35m was provided by a consortium of undisclosed investors.

Alvotech develops and manufactures biosimilars – comparable versions of medicines originally produced by other companies – focusing on treatments addressing severe and chronic health…