NautaDutilh successfully assisted Pharming Group N.V. with its EUR 125 million convertible bonds issue. The convertible bonds have a term of five years and a coupon of 3.00% per annum and will be listed on the Frankfurt Stock Exchange. Pharming will use the proceeds, among others, to replace and repay a current loan facility (and thereby significantly reduce its financings costs from 13% to 3%), accelerate expansion of production and commercial capability and to serve as funding for the launch of its recently acquired Leniolisib product.
Pharming is a specialty pharmaceutical company developing innovative products for the safe, effective treatment of rare diseases and unmet medical needs. Pharming’s lead product, RUCONEST® (conestat alfa) is a recombinant human C1 esterase inhibitor approved for the treatment of acute Hereditary Angioedema attacks in patients in Europe, the US, Israel and South Korea. The product is available on a named-patient basis in other territories where it has not yet obtained marketing authorisation.
J.P. Morgan acted as Sole Global Coordinator and Sole Bookrunner for the offering of the Bonds.
NautaDutilh acted as Dutch counsel alongside Covington & Burling LLP. The NautaDutilh team consisted of Petra Zijp, Antonia Netiv, Sabrina Legerstee, Annefleur van Oel, Paul van der Bijl, Koen Biesma and Nina Kielman.