KKR Unit HealthCare Royalty Partners to Provide Apnimed With Up to $150 Million Credit Facility

MT Newswires Live04-06 20:37

KKR's majority-owned (KKR) HealthCare Royalty Partners has agreed to provide Apnimed with up to $150 million through a senior secured credit facility, the pharmaceutical company said Monday.

Apnimed said that the financing is expected to support the planned US launch of its Obstructive Sleep Apnea medication, AD109, subject to US Food and Drug Administration approval.

Under the agreement, Apnimed said it will receive $50 million at closing, access to an additional $50 million upon FDA approval of AD109, and a further $50 million on meeting certain pre-specified sales milestones.

Apnimed said it also agreed to pay a synthetic royalty equal to a low single-digit percentage of net sales of AD109 and certain other specified revenues.

The company said it remains on track to submit a new drug application for AD109 later this quarter.

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