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Opko Health Inc (NASDAQ:OPK) shares are trading higher after-hours Wednesday. The company announced it entered into a $250 million non-dilutive note purchase agreement with HealthCare Royalty (HCRx).
The Details: Opko said the purchase agreement is secured by its profit share payments from Pfizer received pursuant to its license agreement relating to NGENLA, a once-weekly treatment to treat pediatric growth hormone deficiency.
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% 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.
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“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., CEO 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."
OPK Price Action: According to Benzinga Pro, Opko Health shares are up 7.07% after-hours at $1.52 at the time of publication Wednesday.
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Posted In: OPK
