Pharming raises EUR 70M, ends royalty deal

Pharming (Euronext:PHARM) raised EUR 70 million ($99.2 million) through the sale of senior unsecured convertible bonds due 2012. The bonds bear 6.9% interest and convert at EUR 4.40, a 23% premium to PHARM's close of EUR 3.59 on Thursday, before the deal was announced. UBS acted as sole bookrunner.

PHARM also said it will end a deal that gave Paul Capital's Paul Capital Healthcare (formerly Paul Royalty Fund) royalty rights to future revenues from four of PHARM's products: Rhucin recombinant human complement 1 esterase inhibitor ( rhC1INH) to treat hereditary angioedema (HAE); recombinant fibrinogen for wound healing; recombinant collagen for medical and industrial applications; and recombinant lactoferrin for use in food products. An MAA for Rhucin is under review for HAE in Europe with a decision expected by year end. The fibrinogen and collagen products are in preclinical development. ...