GlobalOne Healthcare Holding (GHH), a subsidiary of Yas Holding, has boosted its holdings in Alvotech, an Icelandic biopharmaceutical company.

Yas Holding bought a 2.5 percent stake in Alvotech in 2019 and signed an exclusive collaboration agreement to market the company's goods in the Middle East and North Africa. The deal was estimated to be worth roughly $45 million. GHH has just completed its second round of investing in Alvotech.

"Alvotech is at the cutting edge of global biopharmaceutical manufacturing, and through our exclusive regional partnership, we will be able to localise manufacturing and analytics, while we continue to explore collaboration opportunities with the UAE Ministry of Health to transfer biopharmaceutical manufacturing and analytics technology to the region," said Ashraf Radwan, CEO of GlobalOne Healthcare. This is part of GHH's overall goal to invest in global life sciences and innovative healthtech, as well as to assist their transfer to the area."

Alvotech focuses on the research and manufacture of biosimilar medicines, and has cooperated with pharmaceutical companies in more than 50 countries. Several monoclonal antibody and fusion protein biosimilar technologies in the company's pipeline are focused at treating autoimmune, cancer, and inflammatory disorders. Patients around the world will benefit from biosimilars in terms of access and quality of life.v Alvotech signed a definitive business combination agreement with a special purpose acquisition company (SPAC) financed by Oaktree Capital Management in December of last year. The proposed merger is scheduled to close in the first half of the year, after which the combined company's stock will be listed on Nasdaq under the name 'ALVO.'

The combined business is expected to be worth roughly $2.25 billion after the proposed merger is completed. The transaction is estimated to net Alvotech $450 million in total cash (assuming no redemptions), with $150 million coming from a private placement in public equity funded by Temasek and CVC Capita.

GlobalOne Healthcare Holding's portfolio has been quickly expanding, and now encompasses biopharma, manufacturing, medical supply chain, hospital and clinic management, healthcare technology, and occupational health and wellness. GHH completed the 100 percent acquisition of Gulf Inject from Ras Al Khaimah-based pharmaceutical business Julphar in September of last year for an undisclosed price. It also bought a majority stake in Geltec Healthcare, a Dubai-based company with a manufacturing facility. GHH also purchased WellPharma Medical Solutions, the UAE's most modern IV solution manufacturing facility, in 2020.