RYTM - Rhythm Pharma enters into financing agreement with Healthcare Royalty for up to $100M

Rhythm Pharmaceuticals (NASDAQ:RYTM) on Thursday said it had entered into a financing agreement with HealthCare Royalty Partners for a total investment amount of up to $100M. As per the terms of the revenue interest financing agreement, RYTM will get an initial amount of $37.5M from HealthCare Royalty due to the FDA approval of its Imcivree medicine to treat obesity in Bardet-Biedl syndrome patients. RYTM separately announced the FDA approval after hours. RYTM will get an additional amount of $37.5M when the European Union approves Imcivree, while the final amount of $25M will be obtained upon achievement of sales milestones in 2023. In return, HealthCare Royalty will get a tiered royalty based on global net product sales generated by Imcivree. Along with the investment agreement and RYTM's current cash balance, the company expects to be able to fund its operating expenses and capex requirements into H2 2024. RYTM stock earlier closed +13% at

For further details see:

Rhythm Pharma enters into financing agreement with Healthcare Royalty for up to $100M