Navigation Links
Jazz Pharmaceuticals, Inc. Announces Expansion of Senior Debt
Date:3/18/2008

PALO ALTO, Calif., March 18 /PRNewswire-FirstCall/ -- Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) announced today that it has expanded its senior debt under an agreement with an affiliate of Lehman Brothers and certain of the other holders of Jazz Pharmaceuticals' existing senior debt. The transaction closed with $40 million of gross proceeds, expanding the senior debt outstanding from $80 million to $120 million. The notes issued under the note and warrant purchase agreement bear interest at 15 percent per annum, payable quarterly in arrears, and are due in June 2011. In connection with this expansion, Jazz Pharmaceuticals issued to the note purchasers five-year warrants to purchase an aggregate of 562,192 shares of its common stock at an exercise price of $14.23 per share.

Jazz Pharmaceuticals has an option under the agreement, through January 31, 2009, to borrow an additional $30 million, with the issuance of additional warrants, if sales of the company's products reach certain levels by the end of 2008 and subject to customary closing conditions.

"We are pleased to have closed this significant expansion of our senior debt with Jazz Pharmaceuticals' senior lenders very quickly after the FDA's approval of LUVOX CR, together with obtaining an option for additional expansion following sales growth of our products," said Matthew K. Fust, Chief Financial Officer.

Jazz Pharmaceuticals plans to use the proceeds of the debt expansion to pay milestones due under its license agreement with Solvay Pharmaceuticals, Inc. for LUVOX(R) CR (fluvoxamine maleate) Extended-Release Capsules, to support LUVOX CR launch expenses, and for general corporate purposes.

About Jazz Pharmaceuticals, Inc.

Jazz Pharmaceuticals is a specialty pharmaceutical company focused on identifying, developing and commercializing innovative products to meet unmet medical needs in neurology and psychiatry. For further information see http://www.JazzPharmaceuticals.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements, including, but not limited to, statements related to the use of the proceeds from the debt expansion, the ability to increase the senior debt by an additional $30 million and the launch of LUVOX CR. Words and phrases such as "will," "plan," "is expected" and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Jazz Pharmaceuticals' current expectations. Forward-looking statements involve significant risks and uncertainties. Jazz Pharmaceuticals' actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, the risk that the conditions applicable to the option to further expand the senior debt will not be satisfied in a timely manner, or at all, and risks related to when or whether commercial launch of LUVOX CR will occur and Jazz Pharmaceuticals' need for additional funding. These and other risk factors are discussed under "Risk Factors" in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 filed by Jazz Pharmaceuticals with the Securities and Exchange Commission on November 9, 2007. Jazz Pharmaceuticals undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.


'/>"/>
SOURCE Jazz Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Drug Royalty Corporation (DRC) Announces Acquisition Regarding PEG-INTRON(R) From Enzon Pharmaceuticals, Inc. (ENZN)
2. Prestwick Pharmaceuticals, Inc. Continues to Build Management Team With Appointment of Martin Stogniew, Ph.D. as Executive Vice President, Chief Technology Officer
3. Keryx Biopharmaceuticals, Inc. Announces Appointment of Michael P. Tarnok to Board of Directors
4. Keryx Biopharmaceuticals, Inc. Announces Conference Call to Discuss Strategic Alliance
5. Keryx Biopharmaceuticals, Inc. Enters into Licensing Agreement with Japan Tobacco and Torii Pharmaceutical for Development and Commercialization of Hyperphosphatemia Drug in Japan
6. NPS Pharmaceuticals, Inc. Announces an Increase in Tender Offer Price for Its 3.0% Convertible Notes Due 2008 and Extends Expiration Date Until October 17, 2007
7. Alseres Pharmaceuticals, Inc. to Present at Bio Investor Forum 2007 Annual Meeting
8. Jazz Pharmaceuticals, Inc. Announces Changes to its Board of Directors
9. Alseres Pharmaceuticals, Inc. to Present at Windhovers Therapeutic Area Partnerships Conference
10. Keryx Biopharmaceuticals, Inc. to Hold Conference Call on Third Quarter 2007 Financial Results on Thursday, October 25, at 8:30 A.M. EDT
11. Jazz Pharmaceuticals, Inc. to Announce Third Quarter 2007 Financial Results on November 6, 2007
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... ... ... Parallel 6 , the leading software as a service (SaaS) provider ... Patient Encounter CONSULT module which enables both audio and video telemedicine communication between the ... the CONSULT module, patients and physicians can schedule a face to face virtual patient ...
(Date:6/24/2016)... discussions on a range of subjects including policies, debt and ... Poloz. Speaking at a lecture to the Canadian ... to the country,s inflation target, which is set by both ... "In certain areas there needs to be ... why not sit down and address strategy together?" ...
(Date:6/23/2016)... ... June 23, 2016 , ... ... announce the launch of their brand, UP4™ Probiotics, into Target stores nationwide. The ... is proud to add Target to its list of well-respected retailers. This list ...
(Date:6/23/2016)... ... June 23, 2016 , ... ... and Mold) microbial test has received AOAC Research Institute approval 061601. , “This ... introduced last year,” stated Bob Salter, Vice President of Regulatory and Industrial Affairs. ...
Breaking Biology Technology:
(Date:6/2/2016)... , June 2, 2016 The Department ... has awarded the 44 million US Dollar project, for the ... Vehicle Plates including Personalization, Enrolment, and IT Infrastructure , ... in the production and implementation of Identity Management Solutions. Numerous ... however Decatur was selected for the ...
(Date:6/1/2016)... 2016 Favorable Government Initiatives Coupled ... Criminal Identification to Boost Global Biometrics System Market Through ... Research report, " Global Biometrics Market By Type, ... Opportunities, 2011 - 2021", the global biometrics market is ... account of growing security concerns across various end use ...
(Date:5/16/2016)... NEW YORK , May 16, 2016   ... authentication solutions, today announced the opening of an IoT ... to strengthen and expand the development of embedded ... provides an unprecedented level of convenience and security with ... to authenticate one,s identity aside from DNA. EyeLock,s platform ...
Breaking Biology News(10 mins):