OPKO Health and HealthCare Royalty Enter into $250 Million Note Purchase Agreement Secured by NGENLA's Profit Share Payments

Company Overview - OPKO Health, Inc. is a multinational biopharmaceutical and diagnostics company focused on establishing industry-leading positions in rapidly growing markets through its discovery, development, and commercialization expertise [4] - The company is currently marketing NGENLA™, a once-weekly treatment for pediatric growth hormone deficiency [1] Financial Transaction - OPKO has entered into a $250 million non-dilutive note purchase agreement with HealthCare Royalty (HCRx), secured by profit share payments from Pfizer related to NGENLA™ [1][2] - The note bears interest at the 3-month Secured Overnight Financing Rate (SOFR) with a 4.0% per annum floor, plus 7.5% per annum, and has a final maturity date of July 2044 [2] - The first four years of the note require interest-only payments, allowing OPKO to retain a significant portion of NGENLA's profit share payments in the near term [2] Strategic Implications - The transaction provides OPKO with non-dilutive capital and financial flexibility to advance research and development activities, including multispecific antibody programs, and potentially repurchase shares and convertible notes [2] - OPKO retains the full benefit of $100 million in remaining potential milestone payments from Pfizer, enhancing its long-term financial outlook [2] HealthCare Royalty Overview - HealthCare Royalty is a leading royalty acquisition company that has invested over $5 billion in more than 85 biopharmaceutical products since its inception [3] - The company focuses on commercial or near-commercial biopharmaceutical products, indicating a strong market presence and expertise in the sector [3]