Business
B. Riley Leads Financing to Support Harrow Health Acquisition
LOS ANGELES, March 28, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley"), a diversified financial services platform, today announced
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"LOS ANGELES, March 28, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\"), a diversified financial services platform, today announced that certain of its affiliates led the financing to support Harrow Health, Inc.'s (\"Harrow\") (Nasdaq: HROW) recent acquisition of the exclusive commercial rights to five FDA approved ophthalmic products. B. Riley provided $59.75 million in debt financing to Harrow in January 2023 upon consummation of the acquisition, and as part of a fully backstopped $125 million commitment. The B. Riley loan was repaid in full on March 27, 2023 in connection with Harrow's recently announced $100 million credit facility with a large global investment manager.\n\n \n \n \n \n \n \n\n \nIn connection with the financing, B. Riley Securities also served as lead left book-running manager in Harrow's related equity and senior notes offerings in December 2022 which raised $65.25 million in aggregate gross proceeds to fund a portion of the purchase price of Harrow's acquisition.\nBryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: \"We congratulate the Harrow team on this landmark transaction which extends its leadership in the U.S. ophthalmic pharmaceuticals market. Our participation in this transaction reflects our continued advocacy of our clients and ability to utilize our balance sheet to enable their success. We remain committed to support our clients amid a challenging period for credit markets and throughout the next stages of their growth.\"\nMark L. Baum, CEO of Harrow, commented: \"B. Riley has been a consistent and reliable partner to Harrow as we have executed our growth strategy, creating significant value for our shareholders and more fully meeting the needs of our customers. We are grateful to Bryant Riley personally, and the entire B. Riley team, for their leadership and support throughout the process of this transaction.\"\nHarrow is a Nashville, TN-based eyecare pharmaceutical company exclusively focused on the discovery, development, and commercialization of innovative ophthalmic therapies. Its completed acquisition of the five FDA-approved ophthalmic products represents its second transaction with Novartis and complements Harrow's current portfolio of ophthalmic prescription products.\nAbout B. Riley FinancialB. Riley Financial is a diver...