Biopharmaceutical company Alvotech Holdings SA said on Tuesday it plans to list in New York by merging with a blank-check company backed by Oaktree Capital Management, in a deal that values the combined entity at around $2.25 billion.

The Iceland-based company will receive gross proceeds of $450 million from the deal, including $150 million from a private placement in public equity backed by Temasek, CVC Capital Partners and funds managed by Suvretta Capital among others.

Oaktree Acquisition Corp II, a special purpose acquisition company (SPAC), raised $225 million through an initial public offering (IPO) in September last year.