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JPMorgan Chase Bank Agents $185MM Term Loan for Harmony Biosciences

July 31, 2023, 06:00 AM
Filed Under: Biotechnology

Harmony Biosciences Holdings, a pharmaceutical company dedicated to developing and commercializing innovative therapies for patients with rare neurological diseases, entered into a new $185 million senior secured term loan facility with a bank syndicate. Harmony intends to use the net proceeds from the term loan and existing cash to repay the Company's existing debt of $196.5 million and related fees and expenses.

JPMorgan Chase Bank served as administrative agent, and acted as bookrunner and lead arranger, for the term loan facility.

"This financing further strengthens our balance sheet, provides greater financial flexibility and reduces our annual interest expense and overall cost of capital," said Jeffrey M. Dayno, M.D., President and CEO at Harmony Biosciences. "Our cash generation and profitability, along with our outlook for growth, made this financing possible. Harmony's business is strong, continues to be a growth story, and we look forward to working with J.P. Morgan and this banking syndicate to advance our growth strategy.

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