Undiluted injection

Kaleo Inc. is leveraging the royalties from its first marketed product to secure the non-dilutive funding it needs to launch its second product, an auto-injectable form of naloxone to treat opioid overdose.

After running a competitive process involving 15 royalty buyers, Kaleo announced on April 7 that it raised $150 million in a note deal with PDL BioPharma Inc. (NASDAQ:PDLI) secured by 100% of Kaleo's royalties from Auvi-Q epinephrine and 10% of sales of Evzio naloxone on a quarterly basis...