OPKO Health raises $125M in notes backed by mazdutide royalties

OPKO Health, Inc. (NASDAQ: OPK) has issued $125 million in senior secured notes to HealthCare Royalty, a business of KKR (NYSE: KKR), secured by OPKO's royalty interests from its mazdutide license agreement with Eli Lilly and Company. The notes mature in 2044.

The financing caps total payments at 1.5 times the amount funded, after which OPKO retains future royalty economics associated with the financed stream. The company describes the arrangement as non-dilutive capital.

Mazdutide is being commercialized in China by Innovent Biologics under a licensing arrangement with Eli Lilly. OPKO recorded its first mazdutide royalty revenue in 2025 following commercial launch in China.

The new notes expand an existing financing relationship between OPKO and HealthCare Royalty, with the prior notes carrying the same 2044 maturity date.

"This transaction with HCRx further demonstrates our ability to leverage high-quality royalty assets to create non-dilutive financing alternatives for our shareholders," said Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO.

Clarke Futch, Chairman and CEO of HealthCare Royalty, said the transaction represents "an attractive opportunity to invest in a high growth segment in China."

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