Apnimed Secures $150M Debt Financing from KKR's HealthCare Royalty Partners

Apnimed has secured a $150 million senior secured credit facility from HealthCare Royalty Partners, a subsidiary of KKR & Co. Inc. The financing will support the development of its lead product candidate AD109 for obstructive sleep apnea.

• Apnimed secured a $150 million senior secured credit facility from HealthCare Royalty Partners, a subsidiary of KKR & Co. Inc.
• The financing is structured in three tranches of $50 million each, contingent on FDA approval and sales milestones.
• The agreement includes an interest-only period of four years, extendable to five years if sales milestones are met.
• Apnimed will pay a synthetic royalty equal to a low single-digit percentage of net sales of AD109.
• Positive results from the SynAIRgy and LunAIRo Phase 3 trials for AD109 support the planned FDA New Drug Application submission later this quarter.
• The financing is expected to support the development and commercialization of AD109 for obstructive sleep apnea.