Strongbridge Biopharma Secures Financing From CRG

Strongbridge Biopharma has entered into a $50 million senior credit facility with CRG LP, a healthcare-focused investment firm, to retire its existing debt facility and provide additional capital for the company.

Strongbridge initially borrowed $40 million under the term loan agreement, and has the option to borrow an additional $10 million based upon the achievement of certain revenue milestones on or prior to June 30, 2018. Concurrent with this first tranche, CRG purchased $3 million of the company’s ordinary shares at $6.98 per share.
“We executed this financing to transform the financial outlook of the company by fully funding our operating plan until we attain positive cash flow,” said Matthew Pauls, CEO of Strongbridge.

Leave A Reply

Your email address will not be published.