Deals, Financing

PDL pours in $70 million in debt financing to Durata Therapeutics

Posted on 07 November 2013

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PDL will provide Durata with up to $70 million of debt financing with a five year term.

PDL BioPharma announced that it closed a debt financing transaction with Durata Therapeutics.

It will receive interest on the principal amount outstanding and a security interest in substantially all of Durata's assets.

Durata's lead product candidate, dalbavancin, is an intravenous antibiotic product candidate for the treatment of patients with acute bacterial skin and skin structure infections.

The total financing of up to $70 million was provided pursuant to a credit agreement that included an initial $25 million in cash funded to Durata on October 31, 2013.

Provides up to $45 million in additional funds to Durata.

With $15 million of funding upon U.S. regulatory approval of dalbavancin.

The remaining $30 million funded within nine months after regulatory approval of dalbavancin, at Durata's election.

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