GE Healthcare provides $95M facility to EKR
Chicago, USA-based GE Healthcare Financial Services has provided a $95.0 million senior secured credit facility to EKR Therapeutics, a specialty pharmaceutical company focused on products for the acute care setting. EKR will use the debt financing for working capital and to acquire certain cardiovascular assets including the currently marketed Cardene (nicardipine HCl) and Retavase (reteplase), as well as the developmental product ularitide. The $95.0 million total cash flow facility involved a $15.0 million revolver and $80.0 million term loan A financing.
EKR says it has also completed a private placement of $50.0 million in a series D equity financing, bringing the total to $145.0 million, and says that a part of this will be used to pursue acquisition candidates for its portfolio of specialty acute-care products.
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