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Benzinga
Benzinga
Technology
Vandana Singh

Rhythm Pharma Secures Non-Dilutive Financing Of $100M To Use Of This...

  • Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) entered into a Revenue Interest Financing Agreement with HealthCare Royalty Partners for a total investment of $100 million
  • Rhythm intends to use the proceeds to support global commercialization efforts for its newly approved Imcivree (setmelanotide) and ongoing clinical development.
  • With this new approval, Imcivree is indicated for chronic weight management in 6 years old and older with monogenic or syndromic obesity due to proopiomelanocortin, proprotein convertase subtilisin/kexin type 1 or leptin receptor deficiency, or Bardet-Biedl syndrome (BBS).
  • Rhythm will receive an initial investment of $37.5 million due to the FDA approval of Imcivree in BBS.
  • The additional investment of $37.5 million will follow the European approval of Imcivree for BBS, which is anticipated in 2H of 2022. 
  • The final investment of $25 million will be payable upon Rhythm's achievement of certain agreed sales milestones in 2023.
  • HealthCare Royalty will receive a tiered royalty based on global Imcivree sales.
  • Price Action: RYTM shares are down 7.69% at $3.60 during the premarket session on the last check Friday.
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