- Rhythm Pharmaceuticals Inc RYTM entered into a Revenue Interest Financing Agreement with HealthCare Royalty Partners for a total investment of $100 million.
- Rhythm intends to use the proceeds to support global commercialization efforts for its newly approved Imcivree (setmelanotide) and ongoing clinical development.
- With this new approval, Imcivree is indicated for chronic weight management in 6 years old and older with monogenic or syndromic obesity due to proopiomelanocortin, proprotein convertase subtilisin/kexin type 1 or leptin receptor deficiency, or Bardet-Biedl syndrome (BBS).
- Rhythm will receive an initial investment of $37.5 million due to the FDA approval of Imcivree in BBS.
- The additional investment of $37.5 million will follow the European approval of Imcivree for BBS, which is anticipated in 2H of 2022.
- The final investment of $25 million will be payable upon Rhythm's achievement of certain agreed sales milestones in 2023.
- HealthCare Royalty will receive a tiered royalty based on global Imcivree sales.
- Price Action: RYTM shares are down 7.69% at $3.60 during the premarket session on the last check Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.