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Institutional investors buy $63.3mm of Supernus debt
07 Jan 2011
Supernus Pharmaceuticals (drug delivery technologies for selection, optimization, and formulation of epilepsy, anti-anxiety, and other neurology candidates) has netted $63.3mm by selling 16% secured, nonconvertible, nonrecourse promissory notes due April 15, 2024, to TCD Royalty Sub. At its option, the company may redeem the notes. As part of the transaction, Royalty Syb acquired the future royalty streams on Oracea and Sanctura XR. Should the combined royalties for Supernus's partnered products Oracea and Sanctura XR exceed the interest payments and certain expenses in any given quarter, the excess money will be applied to the principle until the notes are paid in full.
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