Portola Pharmaceuticals, Inc.® (Nasdaq: PTLA) today announced that it has entered into a $125 million loan agreement with HealthCare Royalty Partners (HCR) and investment funds manager Athyrium Capital Management, LP.
“We are pleased to once again be partnering with HCR and to welcome Athyrium as a new strategic partner on this financing agreement, which will support the ongoing commercialization of Andexxa in the U.S. and general business purposes, including launch preparations for Ondexxya™ in Europe,” said Mardi Dier, Portola’s Chief Financial Officer and Chief Business Officer.
The non-dilutive financing agreement provides Portola with up to $125 million of borrowing capacity available in two tranches, each bearing interest at 9.75 percent per annum. Under the terms of the agreement, an initial tranche of $62.5 million will be funded shortly after closing and an additional $62.5 million will be available at Portola’s option, subject to certain conditions. The loan can be prepaid at Portola’s discretion, subject to prepayment fees.
“Today’s announcement is a continuation of our long-standing relationship with Portola and we are proud to support the Company’s ongoing efforts to bring innovative new therapies to patients,” said Clarke B. Futch, Managing Partner at HealthCare Royalty Partners. “There is a clear, unmet need for an antidote that can address life-threatening bleeding associated with the use of Factor Xa inhibitors and we have great confidence in Portola’s ability to deliver on the promise of this potentially life-saving new medicine.”
“We are proud to join HCR in partnering with Portola during such a transformative time in the Company’s history,” said Laurent D. Hermouet, Partner at Athyrium Capital Management. “We believe Portola has the potential to significantly impact the lives of thousands of patients and we are happy to provide additional financial flexibility for the Company during this exciting period of commercial launch.”
Further information with respect to the credit facility will be set forth in the Form 10-K to be filed by Portola with the Securities and Exchange Commission on March 1, 2019.
Cowen acted as Sole Lead Arranger and Financial Advisor to Portola on the transaction.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.