Business
OPKO Health and HealthCare Royalty Enter into $250 Million Note Purchase Agreement Secured by NGENLA’s Profit Share Payments
MIAMI, July 17, 2024 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ: OPK) announces it has entered into a $250 million non-dilutive note purchase agreement
About this update from Opko Health, Inc.
[{"type":"text","content":"MIAMI, July 17, 2024 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ: OPK) announces it has entered into a $250 million non-dilutive note purchase agreement with HealthCare Royalty (HCRx) secured by OPKO’s profit share payments from Pfizer received pursuant to its license agreement relating to NGENLA™, a once-weekly treatment currently marketed to treat pediatric growth hormone deficiency. “This transaction with HCRx allows OPKO to retain a significant portion of NGENLA's profit share payments in the near term and provides upside over the long term. It also permits OPKO to maintain the full benefit of the $100 million of remaining potential milestone payments from Pfizer,” said Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO. “Additionally, it provides non-dilutive capital and financial flexibility to advance our research and development activities including our multispecific antibody programs, as well as potentially to repurchase shares of our common stock and convertible notes.” The $250 million note issued under the Note Purchase Agreement bears interest at the 3-month Secured Overnight Financing Rate (SOFR) subject to a 4.0% per annum floor, plus 7.5% per annum. The note has a final maturity date of July 2044 with the first four years requiring interest-only payments. About HealthCare Royalty HealthCare Royalty is a leading royalty acquisition company focused on commercial or near-commercial biopharmaceutical products. With offices in Stamford, Conn., San Francisco, Boston and London, HCRx has invested $5+ billion in over 85 biopharmaceutical products since inception. For more information, visit https://www.hcrx.com. HEALTHCARE ROYALTY® and HCRx® are registered trademarks of HealthCare Royalty Management, LLC. About OPKO Health OPKO Health is a multinational biopharmaceutical and diagnostics company that seeks to establish industry-leading positions in large, rapidly growing markets by leveraging its discovery, development and commercialization expertise, and its novel and proprietary technologies. For more information, visit www.opko.com. Cautionary Statement Regarding Forward Looking Statements This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (“PSLRA”), including, among other things, statements related to the financi...