Special-purpose acquisition company (SPAC) Oaktree Acquisition Corp. II /zigman2/quotes/222358282/composite OACB -0.10% announced a merger agreement that will take Iceland-based biopharmaceutical company Alvotech Holdings S.A. public, in a deal that values the combined company at $2.25 billion. Oaktree's stock is still inactive in premarket trading. The deal is expected to provide Alvotech with gross proceeds of $450 million. After the deal closes, which is expected to occur in the first half of 2022, the company's stock is expected to trade on the Nasdaq under the ticker symbol "ALVO." Alvotech is focused on developing biosimilar medicines, and currently has seven products in its pipeline that address originator products treating conditions across autoimmunity, ophthalmology, osteoporosis, and oncology. Oaktree's stock has edged up 0.3% over the past three months, while the iShares Biotechnology ETF /zigman2/quotes/206189322/composite IBB -1.75% has tumbled 17.2% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.22% has gained 1.6%.