STOCKHOLM, Dec. 27, 2023 /PRNewswire/ -- Calliditas
Therapeutics AB (Nasdaq: CALT) and (Nasdaq Stockholm: CALTX)
("Calliditas") today announced that the company has signed and
fully drawn a term loan of 92 million
Euros with funds managed by Athyrium Capital Management, LP
("Athyrium"). Proceeds from the loan will primarily be utilized for
full repayment of the company's existing 68
million Euro loan with Kreos Capital.
With this refinancing, the company extends the interest-only
period on its debt by three years at the same interest rate as the
previous term loan. The principal amount of the new loan is
24 million Euros greater than that of
the prior facility.
"Signing this four-year term loan facility ensures an extension
and expansion of our access to significant non-dilutive capital.
With the full FDA approval of TARPEYO®, the recent
issuance of a Notice of Allowance of a second TARPEYO patent and
extension of debt repayment by 3 years, we believe that Calliditas
is well positioned to continue to create value through direct
commercialisation efforts in the United
States as well as contributions from our licensees in other
jurisdictions, complemented by a late-stage pipeline." said CEO
Renée Aguiar-Lucander.
"We are thrilled to help contribute to the continued commercial
success of TARPEYO® and its recent full FDA approval in
the U.S." said Laurent D. Hermouet, Partner, Athyrium Capital
Management.
The credit agreement provides for quarterly interest-only
payments through the third quarter of 2026. The loan will partially
amortize in four quarterly principal payments of 13.8 million Euros commencing December 31, 2026, with the outstanding balance
to be repaid on the maturity date of December 31, 2027. The loan is prepayable in part
or in full, together with all applicable fees, at any time at the
option of Calliditas. The loan bears interest at a fixed rate of
9.00%. The loan is guaranteed by Calliditas' subsidiaries which own
or control any Nefecon assets and is secured by assets of
Calliditas and the guarantors, including the equity interests in
Calliditas' non-guarantor subsidiaries. The gross proceeds of the
loan are subject to an original issue discount and the expected
cash proceeds to the company from the draw down, net of repayment
of the existing loan (including all applicable fees to Kreos
Capital) and before certain transaction-related costs, is
approximately 19 million Euros. The
credit agreement contains financial covenants specifying minimum
cash liquidity and minimum product revenue. The credit agreement
contains customary affirmative and negative covenants for a senior
secured loan.
Bryan, Garnier & Co. acted as sole financial advisor to
Calliditas in this transaction.
For further information, please contact:
Åsa Hillsten, Head of IR & Sustainability, Calliditas
Tel.: +46 76 403 35 43, Email: asa.hillsten@calliditas.com
The information in the press release is information that
Calliditas is obliged to make public pursuant to the EU Market
Abuse Regulation. The information was sent for publication, through
the agency of the contact persons set out above, on December 27, 2023 at 5:45
p.m. CET.
About Calliditas
Calliditas Therapeutics is a biopharma company headquartered in
Stockholm, Sweden, focused on
identifying, developing, and commercializing novel treatments in
orphan indications with significant unmet medical needs.
Calliditas' common shares are listed on Nasdaq Stockholm
(ticker: CALTX) and its American Depositary Shares are listed on
the Nasdaq Global Select Market (ticker: CALT). Visit
Calliditas.com for further information.
About Athyrium Capital Management
Athyrium is a specialized asset management company formed in
2008 to focus on investment opportunities in the global healthcare
sector. Athyrium advises funds with over $4.6 billion in committed capital. The Athyrium
team has substantial investment experience across a wide range of
asset classes including public equity, private equity, fixed
income, royalties, and other structured securities. Athyrium
invests across all healthcare verticals including biopharma,
medical devices and products, healthcare focused services, and
healthcare information technology. The team partners with
management teams to implement creative financing solutions to
companies' capital needs. For more information, please visit
www.athyrium.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended, including, without limitation, statements
regarding Calliditas' financing plans and the development of its
pipeline, as well as the anticipated use of proceeds of the term
loan. The words "may," "will," "could," "would," "should,"
"expect," "plan," "anticipate," "intend," "believe," "estimate,"
"predict," "project," "potential," "continue," "target," and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Any forward-looking statements in this
press release are based on management's current expectations and
beliefs and are subject to a number of risks, uncertainties, and
important factors that may cause actual events or results to differ
materially from those expressed or implied by any forward-looking
statements contained in this press release, including, without
limitation, any related to Calliditas' business, operations,
clinical trials, intellectual property of the NEFECON franchise
globally, competition from other companies, pipeline development,
revenue and product sales projections or forecasts and other risks
identified in the section entitled "Risk Factors" in Calliditas'
reports filed with the Securities and Exchange Commission.
Calliditas cautions you not to place undue reliance on any
forward-looking statements, which speak only as of the date they
are made. Calliditas disclaims any obligation to publicly update or
revise any such statements to reflect any change in expectations or
in events, conditions, or circumstances on which any such
statements may be based, or that may affect the likelihood that
actual results will differ from those set forth in the
forward-looking statements. Any forward-looking statements
contained in this press release represent Calliditas' views only as
of the date hereof and should not be relied upon as representing
its views as of any subsequent date.
The following files are available for download:
https://mb.cision.com/Main/16574/3899536/2515442.pdf
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