Impel Neuropharma inks $100 million royalty and debt financing deal
Shares of CNS focussed US pharma firm Impel NeuroPharma (Nasdaq: IMPL) were up 5.3% at $6.98 early afternoon, having risen as high as $7.24, after it announced two separate transactions with funds managed by Oaktree Capital Management, totaling $100 million in gross funding.
The transactions include a $50 million royalty agreement on net sales of the migraine nasal spray, Trudhesa (dihydroergotamine mesylate), and $50 million of senior secured debt. Based on current projections, these funds provide Impel with a projected cash runway into 2024.
"This non-dilutive financing provides Impel with immediate and sufficient capital to support the continued successful launch and commercialization efforts for Trudhesa.” said Adrian Adams, chairman and chief executive of Impel NeuroPharma. “Additionally, this transaction meets our objectives of strengthening our balance sheet, while retaining for our shareholders the majority of upside from growing Trudhesa sales,” he noted.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
More on this story...
Today's issue
Company Spotlight
More Features in Pharmaceutical
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze