AVDL - Avadel Pharma enters into royalty agreement with RTW investments for up to $75M
2023-03-29 17:08:55 ET
- Avadel Pharmaceuticals ( NASDAQ: AVDL ) on Wednesday said it had entered into a royalty agreement to support the potential commercialization of its sleep disorder drug Lumryz.
- The company said it had entered into a deal with RTW Investments and certain of its affiliates for up to $75M.
- AVDL is developing Lumryz for the treatment of cataplexy or excessive daytime sleepiness in adults with narcolepsy.
- The company also said that, concurrently, it had extended the maturity of $96.2M of its convertible notes to 2027.
- “These critical financing activities, including a non-dilutive source of capital with the royalty agreement, as well as the extension of the maturity on $96.2 million of our convertible notes, provides Avadel with added financial flexibility to support the potential commercialization of LUMRYZ for people living with narcolepsy," AVDL CEO Greg Divis said in a statement .
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Avadel Pharma enters into royalty agreement with RTW investments for up to $75M