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Dyax
Dyax Enters into $50 Million Agreement with Cowen Healthcare Royalty Partners
August 23rd, 2008
Dyax Corp. (NASDAQ: DYAX) announced that it has entered into a $50 million loan agreement with Cowen Healthcare Royalty Partners, L.P. ("CHRP") secured by the Company's phage display Licensing and Funded Research Program ("LFRP"). The Company used the proceeds from the loan, in part, to repurchase the LFRP revenue interest granted to Paul Capital Partners' Paul Royalty Fund II, L.P in August 2006, resulting in net proceeds of approximately $15 million, before transaction fees. The loan, which matures in August 2016, bears interest at an annual rate of 16%, payable quarterly. Dyax may prepay the loan without penalty, in whole or in part, beginning on the third...
Source: Law & Health Weekly (2008-08-23)
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