Madrigal Pharmaceuticals (MDGL) entered into a $500M senior secured credit facility with funds managed by Blue Owl Capital (OWL) to primarily advance Madrigal’s pipeline to further extend its leadership position in MASH. The non-dilutive financing consists of: A $350M initial term loan funded at closing, a portion of which was used to refinance Madrigal’s existing $115M senior secured debt plus fees; A $150M delayed draw term loan facility, available in multiple draws at Madrigal’s discretion through December 2027; and An option for additional incremental facilities of up to $250M, available in multiple draws and at the mutual consent of Madrigal and Blue Owl, to support potential additional strategic business development activity.
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