Alvotech has once again raised more than $100m in financing, the second time in a matter of months, via a private placement involving what it expects to be previously issued treasury shares held by one of its subsidiaries.

Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.

Alvotech has secured a US FDA reinspection of its Reykjavik plant in March, ahead of the agency’s April goal date for action on the firm’s pending application for a high-concentration, interchangeable adalimumab biosimilar rival to Humira.

Evopoint and Kaken also ring in the new year with multiple deals. Biocytogen licenses antibodies against a specified target derived from its RenMice platform technology to Hansoh Pharma.