Shareholder Deerfield commits to financing, to be funded by month-end
By Marisa Wong
Madison, Wis., Sept. 9 – Aerie Pharmaceuticals, Inc. said it received a $125 million financing commitment from shareholder Deerfield Management Company LP. The financing is in the form of 1.75% convertible notes due September 2021.
Under the terms of the financing, the notes are convertible at $24.80 per share. The conversion price is a 30% premium over the company’s closing share price on Sept. 8.
The financing is expected to be funded before the end of September, according to a press release.
The company intends to use the proceeds for the continued advancement of development activities for its clinical-stage product pipeline, general corporate purposes and strategic growth opportunities.
Aerie is a clinical-stage pharmaceutical company focused on glaucoma therapies.
| Issuer: | Aerie Pharmaceuticals, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $125 million
|
| Maturity: | September 2021
|
| Coupon: | 1.75%
|
| Conversion price: | $24.80
|
| Conversion premium: | 30%
|
| Warrants: | No
|
| Investor: | Deerfield Management Company LP
|
| Announcement date: | Sept. 9
|
| Stock symbol: | Nasdaq: AERI
|
| Stock price: | $19.08 at close Sept. 8
|
| Market capitalization: | $490.46 million
|
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