Verona Pharma Plc Secures Funding and Negotiates Sales Milestones

The latest update is out from Verona Pharma Plc (VRNA).

Verona Pharma, Inc. secured a $400 million term loan facility, with an initial $55 million funded to repay existing debts and support general corporate activities. The loan features staggered tranches subject to various conditions, including FDA approval and net sales milestones. Interest is set at 11% per annum with a 2.5% exit fee upon repayment. Furthermore, the company negotiated a revenue interest purchase agreement, selling a portion of future ensifentrine sales for $100 million, with potential for an additional $150 million upon achieving sales targets, and an option for the company to buy out its obligations.

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