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.
- Unlock all research summaries
- Follow top, independent analysts
- Receive personalised alerts and emails
- Access Briefings, Analytics, and Events
Upgrade anytime to our paid plans for full-length research, real-time analyst discussions, and more.
Join a thriving community of 45,000+ investors, including the top global asset managers managing over $13trn in assets.
- Basilea Pharmaceutica - To retire converts with senior secured and cash08 Sep 2022