The Life Sciences team advised Apnimed, Inc. on its entry into a senior secured credit facility for up to $150 million with funds managed by HealthCare Royalty Partners (HCRx). The capital is expected to support commercial readiness activities and the planned US launch of Apnimed’s lead product candidate, AD109, if approved by the U.S. Food and Drug Administration (FDA). Under the terms of the agreement, Apnimed received $50 million at closing. An additional $50 million tranche will become available upon FDA approval of AD109, and the company may access a third $50 million tranche upon achievement of a pre-specified sales milestone, subject to customary closing conditions.
Goodwin previously advised Apnimed on a joint venture buyout, making this the second strategic transaction handled by Goodwin for Apnimed in less than three weeks.
Apnimed is a privately held, late-stage clinical pharmaceutical company dedicated to the discovery, development, and commercialization of novel oral therapies that address the neurobiology of sleep-related breathing diseases. The company believes that the introduction of simple, once-nightly oral medications has the potential to expand diagnosis and broaden the reach of treatment for individuals with obstructive sleep apnea (OSA). Apnimed also believes that OSA would benefit from multiple drugs with differing mechanisms to more fully address the heterogeneity of the disease’s pathophysiology. The company envisions a new era in which novel oral therapies simplify intervention, expand access to diagnosis and treatment, and help more individuals achieve the oxygen levels and restorative sleep needed to thrive.
The Goodwin team was led by Tim Atkins, Kris Ring, Maciej Zielnik, Carlos Martinez, Emma Liberman, Ella Marie Bedecarre, Dan Karelitz, Shlomo Gottesman, Benjamin Gossels, Heath Ingram, Justin Platt, Amy Arnelle, Nick Ognibene and Julie Tibbets.
For more information on the deal, please read the press release.