Basilea Pharmaceutica - To retire converts with senior secured and cash
Despite the challenging financial backdrop, Basilea Pharmaceutica has announced that it has secured a CHF75m senior secured loan from Athyrium Capital Management (a US-based asset management company). The combination of this non-dilutive financing and cash on hand will allow the company to repay its outstanding convertible bonds (ISIN CH0305398148 with a nominal value of CHF117m, due in December 2022), outlined as the first leg of management’s strategic plan. This short-term arrangement is anticipated to bridge the company until expected operational profitability in FY23. Our valuation of Basilea remains unchanged at CHF893.8m or CHF75.5/share.Basilea Pharmaceutica is an integrated biopharmaceutical company engaged in the discovery, development and commercialization of pharmaceutical products for the treatment of bacterial infections, fungal infections, oncology and skin diseases. Co. focuses on antibiotics and antifungals as well as oncology and dermatology drugs. Co.'s portfolio spans from innovative early-stage through clinical late-stage drug candidates to a marketed product. In the context of its international commercialization organization, Co. has subsidiaries in Denmark, France, Germany, Italy, Spain and the United Kingdom.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.