The Intellectual Property team advised Pharmakon Advisors, LP, on IP aspects associated with entering into a senior secured term loan agreement of up to CHF 250 million ($310 million USD) with Idorsia Pharmaceuticals Ltd, a commercial-stage biopharmaceutical company with a portfolio of first- or best-in-class assets, including QUVIVIQ (daridorexant), a small-molecule orexin receptor antagonist approved for the treatment of insomnia. The first tranche of CHF 150 million will be provided at closing. The proceeds will initially be used to fully refinance an existing debt financing, of which CHF 105 million has been drawn to date and which is scheduled to mature in May 2027. The refinancing eliminates near-term debt maturities and materially enhances Idorsia’s liquidity profile.
Pharmakon Advisors, LP, is a leading investor in non-dilutive debt for the life sciences industry and serves as the investment manager for the BioPharma Credit funds. Established in 2009, funds managed by Pharmakon Advisors have committed up to $13 billion across 77 investments.
The Goodwin team was led by Carl Morales, Kevin Grumberg, Xixi Sun, Hannah Claughton, Katherine Beck, and Tyler Garaffa.
For more information on the deal, please read the press release.