Core Viewpoint - GENFIT has announced the final terms for a dual proposal to the holders of its 2025 OCEANEs, which includes a repurchase offer and a consent fee, following a non-dilutive capped royalty financing agreement with HealthCare Royalty for up to €185 million [2][19]. Group 1: Royalty Financing and Cash Runway - The Royalty Financing agreement with HealthCare Royalty (HCRx) allows GENFIT to extend its cash runway significantly, even after repaying its convertible bonds due on October 16, 2025 [2]. - HCRx will be compensated through a portion of the royalties from the sales of Iqirvo® (elafibranor) under a strategic partnership with Ipsen [3]. Group 2: Terms of the 2025 OCEANEs - The 2025 OCEANEs contain a negative pledge clause that restricts GENFIT from granting security interests on its assets, which necessitates an amendment for the Royalty Financing to proceed [4]. - GENFIT proposes to repurchase the 2025 OCEANEs at €32.00 per bond or alternatively pay a consent fee of €0.60 per bond for those still outstanding after the bondholder meeting [7][8]. Group 3: Consent and Repurchase Process - The repurchase and consent fee proposals are contingent upon the approval of the Amendment of Terms by the general meeting of the 2025 OCEANEs holders and the closing of the Royalty Financing [9][13]. - Holders who do not enter into the Put Option Agreement or do not exercise their option will receive the consent fee after the repurchase [9][11]. Group 4: Future Steps and Meetings - GENFIT plans to convene a general meeting of the 2025 OCEANEs holders in early March to discuss the proposals, with a Consent Solicitation Memorandum to be published [13]. - The results of the general meeting and the closing of the Royalty Financing will be communicated in subsequent press releases [13].
GENFIT Announces Final Terms for Dual Proposal to the 2025 OCEANEs Holders