Core Viewpoint - GENFIT has amended the final terms of its dual proposal to the holders of the 2025 OCEANEs, which includes a repurchase offer and a consent fee for outstanding bonds after the repurchase [1][19]. Financial Context - On January 30, 2025, GENFIT entered into a non-dilutive capped royalty financing agreement with HealthCare Royalty for up to €185 million, significantly extending its cash runway [2]. - The financing will be repaid from royalties on sales of Iqirvo® (elafibranor) under a partnership with Ipsen [3]. Terms of the Proposal - The proposal includes amending the negative pledge clause of the 2025 OCEANEs to allow GENFIT to grant security interests, which is necessary for the closing of the royalty financing [4]. - GENFIT proposes to repurchase the 2025 OCEANEs at €32.75 per bond or alternatively pay a consent fee of €0.90 per bond for those still outstanding after the repurchase [7][8]. Approval Process - Both the repurchase and consent fee 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 [10]. - A general meeting of the 2025 OCEANEs holders is expected to be convened in early March 2025 to discuss these proposals [14]. Additional Information - GENFIT has a clean-up call option at par if the total number of outstanding 2025 OCEANEs falls to 15% or less of the originally issued amount [13]. - The company is committed to not exercising this option until the 2025 OCEANEs reach maturity [13].
GENFIT Announces the Amendment of the Final Terms of the Dual Proposal to the 2025 OCEANEs Holders