Geron (GERN) said Thursday it secured up to $375 million in synthetic royalty and debt financings with Royalty Pharma (RPRX) and investment funds managed by Pharmakon Advisors.
The company said $250 million in cash was provided at closing, with another $125 million in debt available.
Royalty Pharma has provided $125 million at closing and will receive tiered royalty payments on US net sales of Geron's Rytelo treatment of low- to intermediate-1 risk myelodysplastic syndromes with transfusion-dependent anemia.
Geron said investment funds managed by Pharmakon have committed to a five-year senior secured term loan of up to $250 million, with a first tranche of $125 million drawn at closing.
The company used part of the proceeds to fully repay amounts owned under its existing loan with Hercules Capital and Silicon Valley Bank.
Geron can draw a second tranche of $75 million and a third tranche of $50 million, if requested, before Dec. 31, 2025, the company said.
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