Curis Enters Into $45 Mln Debt Transaction With HealthCare Royalty - Quick Facts

(RTTNews) - While reporting its fourth-quarter financial results today, Curis Inc. (CRIS) said that on March 6, 2017, it entered into an agreement with HealthCare Royalty Partners or HCR, for a $45 million debt transaction secured with future Erivedge royalties.

As part of this transaction, Curis's wholly-owned subsidiary, Curis Royalty LLC, borrowed $45 million at an annual interest rate of 9.95 percent interest to be repaid solely with Erivedge royalty payments received from Genentech.

The transaction is expected to close later in March, at which time Curis would pay off the $18.4 million remaining balance on the existing loan from BioPharma-II.