The latest announcement is out from Oramed Pharm ( (ORMP) ).
Oramed Pharmaceuticals Inc. has restructured its financial relationship with Scilex Holding Company by entering into new agreements that include the purchase and sale of $50 million in new senior secured convertible notes and warrants to purchase up to 7.5 million shares. This restructuring includes a $22.5 million restructured balance from Scilex’s existing note, now converted into new notes with a 5.5% interest rate, convertible shares, and warrants. In addition, Oramed is set to acquire an 8% royalty on net sales of certain Scilex products, with a purchase consideration satisfied by reducing the outstanding principal balance on the Senior Secured Promissory Note. This move is expected to offer Oramed potential upside and aligns with their strategy to maximize shareholder value while supporting innovative healthcare solutions.
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