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Akebia Secures $55 Million Term Loan Financing | ||
By: PR Newswire Association LLC. - 30 Jan 2024 | Back to overview list |
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Strengthens Balance Sheet Ahead of Potential Vadadustat Approval on March 27, 2024 CAMBRIDGE, Mass., Jan. 30, 2024 /PRNewswire/ -- Akebia Therapeutics®, Inc. (Nasdaq: AKBA), a biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease, today announced it has closed a loan facility with funds and accounts managed by BlackRock. The loan provides Akebia with up to $55.0 million of borrowing capacity available in three tranches. At the closing, Akebia drew the first tranche of $37.0 million and used the proceeds to pay down $35.0 million of principal outstanding from a loan agreement with Pharmakon Advisors, LP (Pharmakon), the investment manager of the BioPharma Credit funds, plus interest and fees. The new agreement substantially extends the interest-only period in the event of vadadustat approval by the U.S. Food and Drug Administration (FDA) without requiring any principal repayment until December 31, 2025, with an option for Akebia to extend until December 31, 2026. Two additional tranches comprising a total of $18.0 million are available to be drawn down at Akebia's option through December 31, 2024, contingent in part on FDA approval of vadadustat. Details of the loan agreement are provided in a Current Report on Form 8-K filed on January 30, 2024. "Now within two months of a major milestone, the potential U.S. approval of vadadustat, we are pleased to have further strengthened our balance sheet with the immediate addition of a $37.0 million loan facility on very competitive terms with an excellent partner in BlackRock," said John P. Butler, Chief Executive Officer of Akebia. "The loan from BlackRock-managed funds and accounts enables our team to use capital more strategically as we prepare to launch a potential new medication for patients on dialysis with anemia. We also deeply appreciate Pharmakon, a tremendous partner for more than four years. The ongoing support from Pharmakon has contributed meaningfully to our ability to fund operations as we worked through the regulatory process for vadadustat globally. We are now delighted to embark on this new journey with this investment from BlackRock." About Akebia Therapeutics Forward-Looking Statements Akebia Therapeutics® is a registered trademark of Akebia Therapeutics, Inc. Akebia Therapeutics Contact
View original content to download multimedia:https://www.prnewswire.com/news-releases/akebia-secures-55-million-term-loan-financing-302047236.html SOURCE Akebia Therapeutics, Inc. |
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