Santhera closes 69 million francs financings

Swiss drugmaker Santhera Pharmaceuticals (SIX: SANN) today announced the closing of two financing agreements that provided the company with gross funding totaling around 69 million francs ($80.2 million).

Santhera noted that, together with existing cash resources, this will support the company's growth initiatives, repayment of maturing convertible bonds and liquidity through to the first half of 2026, at which point Santhera expects to be cash flow break-even.

Santhera received 35 million francs from a term loan financing from certain funds managed by Highbridge Capital Management, with a four-year maturity and an interest rate of three-month SARON plus 9.75%. The transaction includes changes to the existing Highbridge private convertible bonds, extending 7 million francs with a strike price of 10 francs by 12 months to August 2025.