Urovant secures $200mm loan from Sumitomo Dainippon; later increased to $300mm
To support the concurrent signing of a definitive agreement with Sumitomo Dainippon Pharma Co. Ltd. (SDP) to create a strategic alliance (for which the partners signed an MOU last month), Roivant Sciences Inc.'s Urovant Sciences Ltd. (urinary disorders) secured a $200mm, five-year loan facility from SDP. The loan requires no repayments due until the end of the term. The agreement will become effective upon close of the SDP's alliance transaction with Roivant to secure up to 25 clinical-stage programs for up to 11 Roivant biopharmaceutical divisions (known as vants).
Urovant increased its previously announced five-year loan facility from SDP (at an interest rate of LIBOR plus 3%) to $300mm, with $87.5mm funded immediately.
- Specialty Pharmaceuticals
- Nonconvertible Debt
- Private Placement
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