ZLAB - Paratek Pharmaceuticals secures $60M non-recourse loan for Hercules debt repayment

Paratek Pharmaceuticals (PRTK) says it has entered into a $60M non-recourse loan agreement with an affiliate of R-Bridge Healthcare Investment Advisory for 12 years; The proceeds will be used for repayment of Hercules senior secured debt.Paratek says this non-recourse loan will be repaid using all proceeds of royalties from its license and collaboration agreement with Zai Lab (ZLAB) and a 2.5% revenue interest from its U.S. net sales of NUZYRA with an annual cap of $10M, which could be increased to $12M with revenue interest rate increased up to either 3.5% or 5% under certain circumstances.Upon Zai Lab’s regulatory approval, anticipated in H1 2021, Paratek will receive $6M milestone payment where all payments are said to be excluded from the R-Bridge Loan and retained by Paratek.Company statement "The maturity date extends the repayment and amortization period up to nine years beyond that of the now-retired Hercules Senior Secured Debt, providing greater financial flexibility for the

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Paratek Pharmaceuticals secures $60M non-recourse loan for Hercules debt repayment