NEW YORK–(BUSINESS WIRE)– Deerfield Management Company announced today that it has provided up to $250 million in acquisition financing to Horizon Pharma, Inc. (NASDAQ: HZNP) for the acquisition of Vidara Therapeutics International Ltd.
Under the terms of the agreement, Horizon Pharma has the option to draw up to $250 million in exchange for a commitment fee. Amounts drawn will accrue interest payable quarterly in arrears and must be repaid within five years. Horizon has the ability to prepay the loan after the third and fourth anniversaries.
“Deerfield is pleased to provide its partner Horizon Pharma with flexibility in its financing choices as it builds out its product portfolio and transitions into becoming an important and profitable pharmaceutical company,” stated James Flynn, Managing Partner of Deerfield.
About Horizon Pharma
Horizon Pharma, Inc. is a commercial stage, specialty pharmaceutical company that markets DUEXIS®, VIMOVO® and RAYOS®/LODOTRA®, which target unmet therapeutic needs in arthritis, pain and inflammatory diseases. The Company’s strategy is to develop, acquire or in-license additional innovative medicines where it can execute a targeted commercial approach among specific target physicians such as primary care physicians, orthopedic surgeons and rheumatologists, while taking advantage of its commercial strengths and the infrastructure the Company has put in place. For more information, please visit www.horizonpharma.com.
Deerfield is an investment management firm, committed to advancing healthcare through investment, information and philanthropy.
For more information, please visit www.deerfield.com
Deerfield Management Company
Karen Heidelberger, 212-692-7140