ADMS - Adamas Pharma amends royalty-backed loan deal with Healthcare Royalty Partners

Adamas Pharmaceuticals (ADMS) inks an agreement with Healthcare Royalty Partners amending its royalty-backed loan agreement. Key changes:Revised to provide for repayment from a royalty on OSMOLEX ER (amantadine) on the same terms as, and in addition to, the royalty for GOCOVRI (amantadine).Eliminated the potential royalty rate step-up to 17.5%, which would have occurred in 2022 if cumulative payments did not reach minimum specified levels by December 31, 2021. The 22.5% royalty rate step-up if total cumulative payments have not reached minimum specified levels as measured at December 31, 2022, remains.Revised prepayment provisions after a change of control provision to provide that the obligation to HCR is fully satisfied by making a prepayment sufficient to bring the cumulative payments to HCR to $175 million, if such prepayment is made on or prior to December 31, 2022, or $195 million if made thereafter.Extended the maturity date to March 31, 2027, if not earlier repaid.Added covenant requiring Adamas to maintain a minimum cash and investments balance of

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Adamas Pharma amends royalty-backed loan deal with Healthcare Royalty Partners