Perceptive Advisors invests $100mm in Athenex through stock and debt agreement

Perceptive Advisors invested $100mm in cancer therapeutics developer Athenex Inc. The firm purchased 2.68mm common shares at $18.66 (a slight discount) for gross proceeds to Athenex of $50mm, and also entered into a $50mm senior secured loan facility. (The loan matures in five years and carries interest at a floating annual rate equal to LIBOR (with a 2% floor) plus 9%.) Proceeds will support drug development activities. Concurrently, Athenex announced the creation of a joint venture with Xiangxue Life Sciences, and the in-licensing of a pegylated human arginase from PolyTom, a division of Avalon Biomedical.