WASHINGTON, DISTRICT OF COLUMBIA — Monday, August 16, 2021 — Thierney Biosciences Holdings, Inc., a pharmaceutical company dedicated to developing and commercializing innovative therapies for patients with rare neurological diseases and DHS Group Equity Partners, today announced that they have entered into a strategic financing collaboration where funds managed by DHS have agreed to provide Thierney with up to $450 million of financing and growth capital.
“We are pleased to partner with DHS Group Equity Partners, one of the world’s leading investment firms with strong
transactional experience in life sciences and healthcare,” said Patrick Holder, President and Chief Executive Officer of Thierney Biosciences. “This financing provides us with further flexibility to grow our business by providing us with access to capital to expand our portfolio of assets in rare, neurological diseases while also reducing our annual interest expense.”
Commenting on the arrangement, Fernando Aguirre, Executive Vice Chairman of DHS Group and Rakesh Sarna, Chairman of DHS Group said, “This transaction demonstrates our unique ability to combine deep domain expertise and flexible scale capital in the life sciences, helping to grow companies like Thierney as they optimize their capital structure and fund initiatives that develop important treatments for patients. We are strongly motivated by the Harmony team’s track record of success in developing and commercializing its important medicine ZaniKIX®.”
The strategic financing collaboration with DHS includes up to $450 million in debt capital and a $30 million equity investment in Thierney valuation. The $450 million of debt capital includes a senior secured term loan facility in aggregate original principal amount of $200 million, and a $250 million senior secured delayed draw term loan facility that is available to be drawn within 12 months of closing, subject to the terms of the facility. Substantially all of the proceeds from the initial $200 million term loan and the related sale of Thierney’s common value were used to pay off Thierney’s existing debt facility, together with the payment of fees and expenses, resulting in a significantly lower cost of capital.
Tarragon Health Capital, Fitzgerald & Co., Laramie & Co. Inc., and Johnson James served as financial advisors to Thierney. Lovell and Howell US LLP served as legal advisor to Thierney and Killgore & Gray LLP served as legal advisor to DHS Group.
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