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Aptevo closes $35mm loan agreement; $20mm funded up front; deal amended
09 Aug 2018
Executive Summary
Aptevo Therapeutics Inc. (cancer and blood disease treatments) closed a $35mm term loan agreement with MidCap Financial. Aptevo got $20mm immediately and is eligible for the second tranche of $15mm after the company nets its first $40mm in product revenue in a 12-month trailing period and it receives a final $20mm cash installment from Emergent Biosciences. The loan bears interest at a rate of LIBOR plus 7.60% annually and matures on February 1, 2021.
Deal Industry
- Pharmaceuticals
-
Biotechnology
- Large Molecule
Deal Status
- Final
Deal Type
-
Financing
- Nonconvertible Debt
- Private Placement
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Aptevo closes $35mm loan agreement; $20mm funded up front; deal amended
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