Business
DRI Healthcare Trust Announces US$95 million Private Placement of Preferred Securities and Increased Deployment Target
DRI Healthcare Trust Announces US$95 million Private Placement of Preferred Securities and Increa...
About this update from Dri Healthcare Trust
[{"type":"text","content":"\n \n \n \n DRI Healthcare Trust Announces US$95 million Private Placement of Preferred Securities and Increased Deployment Target\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Provides additional capital to fund biopharmaceutical research, driving value for DRI's unitholders and partners\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Feb. 8, 2023\n \n \n /CNW/ - DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) (\"DRI\" or \"the Trust\") announced today that it has completed a private placement of\n \n US$95 million\n \n of preferred securities (the \"Private Placement\") to an investor group that includes funds managed by EdgePoint Wealth Management Inc. (\"EdgePoint\"), Alberta Investment Management Corporation and FAX Capital Corp.\n \n \n \n \n \n \n \n \n \n \"We have an exciting opportunity to execute royalty transactions on high quality therapeutics. This is driven by the dislocation in biotech capital markets and the capital needed to fund ground-breaking research in the life sciences,\" said\n \n Behzad Khosrowshahi\n \n , Chief Executive Officer of DRI. \"This financing will give us the ability to execute on a larger portion of our pipeline and to drive value for our partners and our unitholders.\"\n \n \n DRI also announced that the Trust has increased its deployment target for the five years ending 2025 to between\n \n US$850 million\n \n and\n \n US$900 million\n \n , up from\n \n US$650 million\n \n to\n \n US$750 million\n \n , for the five years ending 2025. Since its initial public offering, the Trust has deployed\n \n US$381.5 million\n \n with potential future performance-based milestones and options to deploy up to\n \n US$76.0 million\n \n , for total potential deployment in our transactions of up to\n \n US$457.5 million\n \n .\n \n \n \"Given our strong pace of deployment to date, and the quality of our near-term pipeline, we are pleased to make this revision to our five-year deployment target,\" continued Mr. Khosrowshahi.\n \n \n \"We are very excited to have this opp...