Stefán Reykjalín

On 26 February 2024, subsequent to receiving an approval from the US Food and Drug Administration (FDA) of Simlandi injection as an interchangeable biosimilar to arthritis drug Humira, Alvotech announced that the company had accepted offers from Icelandic and European professional investors or eligible counterparties for the secondary sale of shares for a value of approximately USD 166 million.

Alvotech is a biotech company that specialises in the development and manufacturing of biosimilar medicines for patients worldwide and was the first Icelandic company to be dual listed in the US and Iceland.

BBA//Fjeldco was Alvotech’s legal advisor with respect to the secondary sale of shares and congratulates its management team and employees on the important milestone achieved in the company‘s journey to offer broader access worldwide to more affordable biologics, following approvals of Alvotech’s biosimilars in other global markets.

Horn IV slhf., an ISK 15bn private equity fund operated by Landsbref hf., has acquired a 45% shareholding in REA ehf., which is the sole shareholder of the Icelandic ground handling companies Airport Associates and SouthAir, which both play an important role in the operations of Keflavik international airport. As a result of the investment, Horn IV slhf. will be the largest shareholder of REA ehf. The acquisition is subject to approval from the Icelandic competition authorities. BBA//Fjeldco acted for Horn IV slhf. in the transaction.

BBA//Fjeldco provided legal advice to biosimilar pharmaceutical company Alvotech in their private placement offering and issuance of convertible bonds amounting to approximately USD 70,000,000. Among the subscribers where large investors such as the pension funds in Iceland. This was a complex multi-jurisdictional transaction that involved an entity incorporated under Luxembourg law and cooperation of several legal advisera across borders.

BBA//Fjeldco provided legal advice to biosimilar pharmaceutical company Alvotech  in the listing on the Nasdaq main market in Iceland, after a successful listing on the Nasdaq First North Growth market earlier in the year, which was the first US/Icelandic dual listing of any Icelandic company in history and for a long while Alvotech was the only Icelandic company to be listed in the US. Alvotech has the highest market cap of all companies listed on the Nasdaq main market in Iceland or approximately USD 3,250,000,000. This was a complex multi-jurisdictional transaction, involving Iceland and Luxembourg as Alvotech is incorporated under the laws of the Grand Duchy of Luxembourg.

BBA//Fjeldco acted for Holding Cage AS in relation to the sale of Norwegian fishing equipment manufacturer Morenot AS to Hampidjan. Hampiðjan is a leading international company  in producing, developing and servicing quality netting and fishing gear for fishing vessels. There are now 28 companies in the Hampidjan Group, servicing the world fishing fleets at 35 locations around the world from Alaska to New Zealand, and the addition of Morenot AS further sements Hampidjan's market position.  The transaction followed extensive due diligence process and was subject to the approval from the competition authorities in Iceland, the Faroe Islands and Greenland.

BBA//Fjeldco acted as legal counsel to private equity fund SIA III in relation to the disposal by Mandólín hf., an SPV established for the purposes of the initial investment, of an approximate 70% stake in the Marriot operated hotel the Reykjavik EDITION to Abu Dhabi government operated investment company ADQ.

BBA//Fjeldco advised SF III slhf. (an SPV investment vehicle) and minority shareholders of Jardboranir hf., which included management as well as current and former employees, in all matters of the sale of the company to Norwegian Archer drilling company and Icelandic investment company Kaldbakur. SF III slhf. is an investment fund operated by Stefnir hf., an established Icelandic alternative investment fund manager with assets of approximately ISK 230bn under active management and a subsidiary of Arion Bank hf. Kaldbakur was an investor in SF III slhf. and did a full roll-over of its shares to cover part of acquisition in addition to a cash investment.

BBA//Fjeldco acted as legal adviser to Rotovia hf., with respect to an acquisition of the rotational molding activities of Berry Global Inc., global manufacturer and marketer of plastic packaging products. Rotovia hf. is an entity owned by private equity funds Freyja (managed by Kvika eignastyring hf.) and SIA IV (managed by Arion Bank hf.) and key management. Among the aspects of the transactions BBA//Fjeldco advised on were the Share Purchase Agreement with Berry Global Inc., and the Facility Agreement with Private Debt II (a senior fund managed by Capital Four). This was a complex multi-jurisdictional transaction that took over a year to complete, involving W&I insurance, whereas Rotovia acquired a carve-out of the rotational molding activities of Berry Global Inc. and subsequently became a leading international player in the fragmented rotational molding plastic product market.

‍

BBA//Fjeldco provided legal advice to biosimilar pharmaceutical company Alvotech  in the dual listing on the Nasdaq Stock Market in New York and Nasdaq First Growth Market in Iceland, the first US/Icelandic dual listing of any Icelandic company in history and for a long while the only Icelandic company to be listed in the US. This was a complex multi-jurisdictional transaction, involving New York and Iceland as well as Luxembourg as Alvotech is incorporated under the laws of the Grand Duchy of Luxembourg. Prior to the listing, BBA//Fjeldco also advised on a private investment in public entity (“PIPE”), which was aimed at Icelandic PIPE investors in particular.

BBA//Fjeldco acted as legal counsel to private equity fund SIA IV in relation to their investment in no-added sugar brand Good Good. SIA IV participated in a USD 20 million funding round of Good Good, which specialises in jams, spreads and bars using naturally derived sweeteners, substitutable with sugar, and acquired a 24% stake in the company. BBA//Fjeldco conducted a legal and tax due diligence as well as assistance with the negotiation and drafting of transaction documents.