Verona Pharma plc (VRNA), Friday announced some strategic changes in its capital structure, increasing the company's financial flexibility and simplifying its balance sheet.
The company has repaid $100 million under the revenue interest purchase and sale agreement. It also increased term loan facility to $450 million and borrowed $125 million from an expanded Tranche C resulting in an aggregate of $250 million outstanding
Additionally, Verona increased the debt facility to $450 million on improved terms with funds managed by Oaktree Capital Management, L.P. and OMERS Life Sciences.
Moreover, the biopharmaceutical company reduced the interest rate from 11 percent to 9.7 percent with a further reduction to 9.35 percent upon achievement of certain sales milestones. It also added a provision to secure a working capital revolving credit facility of up to $75 million with a separate group.
The announcement comes as the ongoing success of the Ohtuvayre launch and continued growth of Ohtuvayre prescriptions.
In the pre-market hours, Verona's stock is trading at $65.79, up 1.98 percent on the Nasdaq.
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