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Portola Pharmaceuticals Enters into $125 Million Loan Agreement with HealthCare Royalty Partners and Athyrium Capital Management
“We are pleased to once again be partnering with HCR and to welcome Athyrium as a new strategic partner on this financing agreement, which will support the ongoing commercialization of Andexxa in the U.S. and general business purposes, including launch preparations for Ondexxya™ in Europe,” said
The non-dilutive financing agreement provides Portola with up to $125 million of borrowing capacity available in two tranches, each bearing interest at 9.75 percent per annum. Under the terms of the agreement, an initial tranche of $62.5 million will be funded shortly after closing and an additional $62.5 million will be available at Portola’s option, subject to certain conditions. The loan can be prepaid at Portola’s discretion, subject to prepayment fees.
“Today’s announcement is a continuation of our long-standing relationship with Portola and we are proud to support the Company’s ongoing efforts to bring innovative new therapies to patients,” said
“We are proud to join HCR in partnering with Portola during such a transformative time in the Company’s history,” said Laurent D. Hermouet, Partner at
Further information with respect to the credit facility will be set forth in the Form 10-K to be filed by Portola with the Securities and Exchange Commission on March 1, 2019.
Cowen acted as Sole Lead Arranger and Financial Advisor to Portola on the transaction.
About Athyrium Capital Management
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding funding timelines for loan, development and commercialization of Andexxa in the U.S. and Ondexxya in