Agreement between Eyjólfur and Al-verk

Agreement signed

An Aztiq owned company, Eyjólfur ehf. and Al-verk ehf. have signed an agreement on concreting and finishing the exterior to the expansion of Alvotech’s high-tech center in Vatnsmýri, Reykjavik.

The 12.600 m 2 expansion will be close to a doubling of Alvotech's current premises in Reykjavik.

Alvotech’s operations are growing rapidly and an expansion of the facilities thus necessary as the company is transforming to becoming a manufacturer of commercial products.
The extension will house biosimilar development, drug refills, offices and warehouses, in addition to facilities that the company will provide to the University of Iceland's Biotechnology Department, continuing the vigorous collaboration with the university. The facilities will enable the University to further strengthen the masters program in industrial biotechnology and provide more students with internships at the company.

Al-verk will complete concreting and finishing the exterior of the four floors plus basement expansion. An agreement has been reached with IBO in Denmark for the purchase of all materials for windows and cladding for approximately ISK 300 million.
The cost of concreting and exterior finishing is just over ISK 2 billion and the estimated total cost of the expansion is around ISK 5 to 6 billion. Aztiq´s total investment due to the development of Alvotech in Iceland is over ISK 100 billion.

Alvotech already employs around 500 people from 45 countries. Most staff are university-educated specialists of all genders and more than half hold a master's or doctoral degree.

Since its establishment, Al-verk has carried out various construction and consulting projects. The company's goal is to systematically link design, choice of materials and structure to a specific vision and values ​​where efficiency, environmental impact, quality and social responsibility go hand in hand.

The agreement was signed at Alvotech's premises in Reykjavik.