– Provides additional deployment capacity in
pursuing attractive deals in high-quality pipeline –
TORONTO, June 26,
2023 /CNW/ - DRI Healthcare Trust (TSX: DHT.UN) (TSX:
DHT.U) (the "Trust"), a global leader in providing royalty
financing to accelerate therapeutic innovation in the life sciences
industry, announces that CTI BioPharma Corp. ("CTI") has prepaid
all amounts outstanding under the credit facility it entered into
with a wholly-owned subsidiary of the Trust, resulting in a
US$54.8 million prepayment, including
principal, accrued interest and fees. The Trust provided
US$50 million in secured debt funding
to CTI as part of the US$135 million
VONJOTM transaction, announced on August 25, 2021.
"The capital from the repayment provides us with additional
capacity to pursue attractive deals in our pipeline that will allow
us to continue delivering value to our unitholders," said
Behzad Khosrowshahi, Chief Executive
Officer of the Trust.
The loan prepayment was driven by Swedish Orphan Biovitrum's
acquisition of CTI. As a result of the prepayment, the credit
agreement between the Trust's wholly-owned subsidiary and CTI was
terminated. The Trust maintains its royalty investment in
VONJOTM pursuant to the purchase and sale agreement that
was also announced on August 25,
2021.
About DRI Healthcare
Trust
DRI Healthcare Trust is managed by DRI Capital Inc. ("DRI
Capital"), the pioneer in global pharmaceutical royalty
monetization with a more than 30-year history of accelerating
innovation by providing capital to inventors, academic institutions
and biopharma companies. Since our founding in 1989, DRI Capital
has deployed more than US$2.5
billion, acquiring more than 70 royalties on 40-plus drugs,
including Eylea, Spinraza, Zytiga, Remicade, Keytruda and Stelara.
DRI Healthcare Trust's units are listed and trade on the Toronto
Stock Exchange in Canadian dollars under the symbol "DHT.UN" and in
U.S. dollars under the symbol "DHT.U". To learn more, visit
drihealthcare.com or follow us on LinkedIn. References in this
news release to "DRI Healthcare" refer to the Trust and its
subsidiaries, on a consolidated basis.
Caution concerning forward-looking
statements
This news release may contain forward-looking information within
the meaning of applicable securities legislation. Forward-looking
information generally can be identified by the use of
forward-looking words such as "expect", "continue", "anticipate",
"intend", "aim", "plan", "believe", "budget", "estimate",
"forecast", "foresee", "close to", "target" or negative versions
thereof and similar expressions. Forward-looking information is
based on a number of assumptions and is subject to a number of
risks and uncertainties, many of which are beyond the Trust's
control that could cause actual results to differ materially from
those that are disclosed in or implied by such forward-looking
information. These risks and uncertainties include, but are not
limited to, those that are disclosed in the Trust's most recent
annual information form. All forward-looking information in this
news release speaks as of the date of this news release. The Trust
does not undertake to update any such forward-looking information
whether as a result of new information, future events or otherwise
except as required by law. Additional information about these
assumptions and risks and uncertainties is contained in the Trust's
filings with securities regulators, including its latest annual
information form and Management's Discussion and Analysis. These
filings are also available at the Trust's website at
drihealthcare.com.
SOURCE DRI Healthcare Trust