- Apellis received $375 million in funding at close, with ability to access an additional $100 million
- Majority of initial proceeds used to buy out existing SFJ Pharmaceuticals development liability
- Significantly improves liquidity profile by eliminating $366 million in SFJ payments through 2027
WALTHAM, Mass., May 14, 2024 (GLOBE NEWSWIRE) — Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), today announced that it has entered into a non-dilutive, senior secured credit facility with Sixth Street, a leading global investment firm, of up to $475 million, with approximately $375 million funded at close. Apellis can draw down an additional $100 million under the facility at the company’s option prior to September 2025, subject to satisfaction of certain conditions. Additionally, the Sixth Street agreement also permits Apellis to access $100 million through a separate third-party working capital facility.
Apellis used the majority of the net proceeds to buy out the existing SFJ Pharmaceuticals development liability for approximately $326 million. This buy out eliminates $366 million in payments owed to SFJ through 2027, including approximately $200 million through 2025. Net proceeds to Apellis at closing will be approximately $32 million following the buy out of the SFJ Pharmaceuticals development liability, and fees and expenses associated with the transaction.
