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Corium sells $100mm in convertible debt

Executive Summary

Corium International Inc. (transdermal delivery technologies for biologics and small-molecule drugs) raised $100mm through the private placement of seven-year 5% convertible senior notes to qualified institutional purchasers. The notes--with interest payable semi-annually in arrears--convert to common at a rate of 58.0552 shares per $1k principal amount, or $17.22 per share. (The company's stock averaged $12.86 at the time of the sale.) Corium will use $56mm of the proceeds to repay a loan to CRG. The company concurrently received FDA feedback on a pilot bioequivalence study (a streamlined version of its previous successful pilot trial) comparing Corium's once-weekly transdermal patch Corplex Donepezil to Eisai's marketed daily oral Alzheimer’s disease drug Aricept (donepezil hydrochloride). The FDA confirmed that its approval would be determined after a review of the NDA, which Corium expects to submit during Q4 2018 using the 505(b)(2) pathway.
Deal Industry
  • Pharmaceuticals
  • Pharmaceuticals
    • Generic Drugs
    • OTC, Consumer
    • Drug Delivery
      • Macromolecule
      • Transdermal
  • Biotechnology
    • Large Molecule
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • Private Placement

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