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Synergy Pharmaceuticals Inc. (therapies for gastrointestinal diseases) secured a $300mm senior loan from CRG. The first $100mm tranche was received immediately. Based on certain financial and revenue milestones, an additional $100mm will be received on or before February 28, 2018, and two additional tranches of up to $50mm each will be paid on or before March 29, 2019. The loan matures on June 30, 2025 and bears interest at 9.50% per year with interest-only payments for the first five years (payable quarterly), followed by 12 equal quarterly installments of principal and interest during the final three years of the term, which converts to an eight-year interest only period if certain milestones are achieved. The company can opt to prepay outstanding loan amounts during the term. Synergy will use the proceeds to commercialize its constipation drug Trulance (plecanatide).
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