Pharming Group N.V. has made significant progress with financing towards completion of the transaction with subsidiaries of Valeant Pharmaceuticals International, Inc. signed on 8 August 2016 for Pharming to acquire the commercialization rights to its own product Ruconest in North America.
The company has signed a term sheet with a syndicate of debt providers. The documentation for the loan instrument is being completed over the coming weeks. Cornerstone investors have also been found for a five year redeemable convertible bond.
Dr. Sijmen de Vries, Pharming’s CEO, commented:
“We are very pleased to have put together a financing package and have alternatives at hand that minimize dilution of existing shareholders and which is attracting high-quality investors, so that we can complete the transaction with Valeant, move Ruconest forward and will enable Pharming to reach profitability potentially as much as three years earlier than under the Valeant license. Together with the excellent prophylaxis data presented at the American College of Allergy, Asthma and Immunology scientific meeting in San Francisco and the positive opinion of the European Committee for Medicinal Products for Human Use to allow self-administration for patients in Europe, the future for Ruconest is very promising and we are confident that we are creating good value for shareholders, patients and other stakeholders.”