Horizon Pharma plans $675 million in term loans for Raptor purchase

By Sara Rosenberg

New York, Sept. 12 – Horizon Pharma plc has received a commitment for $675 million in senior secured term loans to help fund its acquisition of Raptor Pharmaceutical Corp. and refinance its existing senior secured loans as well as certain debt at Raptor, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Jefferies Finance LLC and Cowen and Co. provided the debt commitment.

Under the agreement, Raptor is being bought for $9.00 per share in cash, for an implied fully diluted equity value of about $800 million.

Closing is expected in the fourth quarter, subject to the satisfaction of customary conditions and regulatory approvals, including antitrust approval in the United States.

Horizon Pharma is a Dublin, Ireland-based biopharmaceutical company. Raptor is a Novato, Calif.-based biopharmaceutical company.

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