EN
NL
back home
21-01-2020 Pharming receives EMA approval of new facility for expansion of RUCONEST® production 14-01-2020 Pharming announces the placement of €125 million senior unsecured convertible bonds due 2025 14-01-2020 Pharming announces the launch of an offering of approximately €125 million senior unsecured convertible bonds due 2025 07-01-2020 Polyganics Achieves CE Mark Certification for LIQOSEAL® 25-02-2019 Pharming announces abstract presented at the American Academy of Allergy, Asthma & Immunology (AAAAI) Annual Meeting and sponsorship of the AAAAI Foundation Michael M. Frank, MD, FAAAI Lectureship 31-10-2017 BioGeneration Ventures Fund III reaches EUR 82 million in final close 23-10-2017 Pharming announces warrant exercises and conversions of its Ordinary Bonds into shares mostly through cashless exercise 18-10-2017 BioGeneration Venture’s portfolio company SurgVision acquired by Bracco Imaging 03-10-2017 Dutch Mellon Medical secures € 6 million for market introduction of major innovation in surgical suture technology: single-handed suturing using the Switch® 02-10-2017 Pharming announces positive data from paediatric clinical trial with RUCONEST® 26-09-2017 Pharming Group N.V. and HAEi International Patient Organization announce partnership with Inceptua Medicines Access for “HAEi Global Access Program” 26-07-2017 Pharming announces publication of RUCONEST® prophylactic data in The Lancet 21-07-2017 Pharming announces completion of its refinancing with a single US$100 million debt facility on improved commercial terms 12-07-2017 Agendia’s MammaPrint® Recommended by ASCO Breast Cancer Guideline in Focused Update Based on Landmark MINDACT Trial Data 06-07-2017 Agendia's MammaPrint® recommended by the 2017 St. Gallen International Breast Cancer Guidelines in significant update 03-04-2017 ENG EUR 12,8 miljoen nieuwe financiering voor biotechonderneming Cristal Therapeutics eng 14-03-2017 BioGeneration Ventures contributes to Cristal Therapeutics EUR 12.8 million Financing Round 13-02-2017 Europese Commissie breidt marketingvergunning RUCONEST® uit met zelfstandige toediening 08-12-2016 Pharming announces completion of acquisition of all North American commercialisation rights for RUCONEST® from Valeant 07-12-2016 Cristal Therapeutics and iTeos Therapeutics announce strategic partnership for the development of immuno-oncology therapeutic candidates using Cristal’s CriPec® nanotech platform 07-12-2016 Polyganics announces Birmingham Hand Centre efficacy study of nerve conduit NEUROLAC® in finger surgery

Pharming announces the launch of an offering of approximately €125 million senior unsecured convertible bonds due 2025

 

  • Replaces and repays the loan facility with Orbimed
  • Accelerates expansion of production and commercial capability, including the new territories reacquired from Sobi
  • Allows Pharming to extend its debt maturity profile through the period of development of its existing pipeline

Leiden, the Netherlands – 14 January 2020

Pharming Group N.V. (“Pharming” or the “Company”) (Euronext Amsterdam: PHARM) announces today the launch of an offering (the “Offering”) of approximately €125 million of senior unsecured convertible bonds due 2025 (the “Bonds”). The net proceeds of the issue of the Bonds will be used to redeem the approximately US$ 56 million loan with Orbimed Advisors in full, thereby reducing the Company’s financing costs and extending its debt maturity through the period to approval of most of the Company’s existing pipeline. The balance of the net proceeds will be used to support capital expenditure in relation to the expansion of the commercialisation and manufacturing infrastructure of the Company, and serve as funding for the launch of Pharming’s recently acquired Leniolisib product and for additional acquisitions/inlicensing opportunities.

Further Details on the Offering

The Bonds will have a principal amount of €100,000 each. The Bonds will be issued at par and are expected to carry a coupon of between 2.25% and 3.00% per annum payable semi-annually in arrear in equal instalments. Unless previously converted, redeemed or purchased and cancelled, the Bonds will be redeemed at par on the stated maturity date, which is expected to be on 21 January 2025.

The Bonds will be convertible into ordinary shares of the Company (the “Shares”) with the initial conversion price expected to be set at a premium of between 35% and 40% above the volume weighted average price (VWAP) of a Share on Euronext Amsterdam between opening of trading on the launch date and the pricing of the Offering. The initial conversion price of the Bonds will be subject to customary adjustment provisions as will be set out in the terms and conditions of the Bonds.

The number of Shares initially underlying the Bonds is expected to be a maximum of 62,433,000, representing approximately 9.9% of the Company’s current issued share capital. Any adjustment to the conversion price resulting in an increase in the number of conversion shares may require the Company to obtain further authorisation from its shareholders to issue Shares, grant rights to subscribe for Shares and exclude pre-emptive rights.

The Issuer will have the option to redeem all, but not some only, of the outstanding Bonds in cash at par plus accrued interest at any time, a) if, on or after 13 February 2023, the parity value on each of at least 20 dealing days in a period of 30 consecutive dealing days shall have exceeded 130% of the principal amount or b) if, at any time, 85% or more of the aggregate principal amount of the Bonds originally issued shall have been previously converted and/or repurchased and cancelled.

The final terms of the Bonds are expected to be announced later today. Closing and settlement of the Offering are expected to take place on or around 21 January 2020 (the “Issue Date”).

Application will be made for the Bonds to be admitted to trading on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange by no later than 30 days following the Issue Date.

In the context of the Offering, the Company and the Company’s subsidiaries will agree to a lock-up undertaking in respect of further issues of Shares and rights to acquire Shares for a period commencing on pricing and ending 90 calendar days following the Issue Date, subject to certain customary exceptions (including exceptions for existing approved employee share schemes) and waiver by the Sole Global Coordinator and Sole Bookrunner.

J.P. Morgan is acting as Sole Global Coordinator and Sole Bookrunner for the Offering.

The Bonds will be offered via an accelerated book building process through a private placement only to institutional investors outside the United States of America, Australia, South Africa and Japan.

Science Park 400 Matrix II Building 1098 XH Amsterdam +31 (0)653816427
lmelens@lifespring.nl

  • - Corporate Communications
  • - Healthcare PR
  • - Financial Communications
  • - Content Marketing
  • - Social Media and Online Communications