Progenics Pharma (PGNX) Misses Q3 EPS by 3c

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Progenics Pharma (PGNX) Unit Enters $50M Term Loan Arrangement

November 7, 2016 7:46 AM EST

Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) announced that its wholly-owned subsidiary MNTX Royalties Sub LLC has entered into a $50 million term loan agreement with a fund managed by HealthCare Royalty Partners (HCR) secured by, and to be repaid from, royalties from future sales of RELISTOR®. Under the terms of the loan agreement, the lenders have no recourse to Progenics Pharmaceuticals, Inc., the parent company or to any of its assets other than the RELISTOR royalty rights.

This transaction recognizes the significant value of the RELISTOR franchise, and allows us to partially monetize our... More