Innocoll Announces Successful Completion of Debt Refinancing
January 31, 2022
Source: Businesswire
$125 million refinancing substantially improves Innocoll’s liquidity, enabling further investment in pharmaceutical technology portfolio and growth plan
January 28, 2022 02:47 PM Eastern Standard Time -ATHLONE, Ireland--(BUSINESS WIRE)--Innocoll Biotherapeutics plc, a specialty pharmaceutical company and portfolio business of Gurnet Point Capital, announced today the successful refinancing of its existing term loan facility with a new $125 million term loan provided by funds managed by Oaktree Capital Management, L.P. (“Oaktree”). The new term loan meaningfully strengthens Innocoll’s financial flexibility and enables the Company to further invest in its R&D program and commercial organization for its innovative products.
“The refinancing of our debt significantly improves our liquidity position, which enables us to invest even further into the crucial research and clinical studies required to expand the use of our innovative products in soft tissue surgeries,” said Louis Pascarella, Chief Executive Officer of Innocoll. “By continuing to invest in our R&D and building our commercial organization, we are confident that we will position our innovative post-surgical, non-opioid pain products XARACOLL (bupivacaine hydrochloride implant) and POSIMIR® (bupivacaine solution) for long-term success. I’m thrilled for our company’s future and look forward to the positive impact we will have on hospitals, surgeons and patients by reinvesting this increased liquidity directly into our portfolio.”
Aman Kumar, Co-Portfolio Manager of Life Sciences Lending at Oaktree, said, “We are pleased to partner with Innocoll at this exciting stage in the company’s development. We see tremendous opportunity in the business, its portfolio and the leadership team, and believe in its mission to help solve unmet needs in the acute care setting.”
About Innocoll Holdings Limited
Innocoll Biotherapeutics plc is a global specialty pharmaceutical company headquartered in Athlone, Ireland. Innocoll Biotherapeutics plc and its subsidiaries Innocoll Holdings Limited and Innocoll Pharmaceuticals Limited, are focused on the development and commercialization of pharmaceutical technologies to meet some of today’s most important healthcare challenges. Innocoll Biotherapeutics plc is a portfolio business of Gurnet Point Capital. www.innocoll.com
About Gurnet Point Capital
Gurnet Point Capital is a unique healthcare investment platform within the B-Flexion Group and led by a team with deep expertise in an industry for which they share a passion, both as investors and senior executives. GPC invests long-term capital and supports entrepreneurs in building a new generation of companies that deliver outsized returns through active ownership. Based in Cambridge, MA, its remit encompasses life sciences and health care focused businesses, with a particular emphasis on businesses that have high growth potential in the product development and commercialization stages of their evolution. With its strategy of driving best in class operational transformation for these businesses, to create social impact while generating significant economic value, Gurnet is able to deliver differentiated results for its investors and partners. www.gurnetpointcapital.com
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $166 billion in assets under management as of December 31, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
About XARACOLL
Xaracoll® (bupivacaine HCl) implant is a bioresorbable collagen implant providing postsurgical pain relief through the delivery of bupivacaine, a local anesthetic, at the surgical site. XARACOLL implant releases bupivacaine after placement at the surgical site through diffusion from the porous collagen implant, which dissolves over time. XARACOLL was approved in August 2020 by the US Food and Drug Administration (FDA). XARACOLL is a registered trademark of Innocoll Pharmaceuticals Limited.
Contacts
Media
Blair Hennessy
(212) 371-5999
bth@abmac.com
January 28, 2022 02:47 PM Eastern Standard Time -ATHLONE, Ireland--(BUSINESS WIRE)--Innocoll Biotherapeutics plc, a specialty pharmaceutical company and portfolio business of Gurnet Point Capital, announced today the successful refinancing of its existing term loan facility with a new $125 million term loan provided by funds managed by Oaktree Capital Management, L.P. (“Oaktree”). The new term loan meaningfully strengthens Innocoll’s financial flexibility and enables the Company to further invest in its R&D program and commercial organization for its innovative products.
“The refinancing of our debt significantly improves our liquidity position, which enables us to invest even further into the crucial research and clinical studies required to expand the use of our innovative products in soft tissue surgeries,” said Louis Pascarella, Chief Executive Officer of Innocoll. “By continuing to invest in our R&D and building our commercial organization, we are confident that we will position our innovative post-surgical, non-opioid pain products XARACOLL (bupivacaine hydrochloride implant) and POSIMIR® (bupivacaine solution) for long-term success. I’m thrilled for our company’s future and look forward to the positive impact we will have on hospitals, surgeons and patients by reinvesting this increased liquidity directly into our portfolio.”
Aman Kumar, Co-Portfolio Manager of Life Sciences Lending at Oaktree, said, “We are pleased to partner with Innocoll at this exciting stage in the company’s development. We see tremendous opportunity in the business, its portfolio and the leadership team, and believe in its mission to help solve unmet needs in the acute care setting.”
About Innocoll Holdings Limited
Innocoll Biotherapeutics plc is a global specialty pharmaceutical company headquartered in Athlone, Ireland. Innocoll Biotherapeutics plc and its subsidiaries Innocoll Holdings Limited and Innocoll Pharmaceuticals Limited, are focused on the development and commercialization of pharmaceutical technologies to meet some of today’s most important healthcare challenges. Innocoll Biotherapeutics plc is a portfolio business of Gurnet Point Capital. www.innocoll.com
About Gurnet Point Capital
Gurnet Point Capital is a unique healthcare investment platform within the B-Flexion Group and led by a team with deep expertise in an industry for which they share a passion, both as investors and senior executives. GPC invests long-term capital and supports entrepreneurs in building a new generation of companies that deliver outsized returns through active ownership. Based in Cambridge, MA, its remit encompasses life sciences and health care focused businesses, with a particular emphasis on businesses that have high growth potential in the product development and commercialization stages of their evolution. With its strategy of driving best in class operational transformation for these businesses, to create social impact while generating significant economic value, Gurnet is able to deliver differentiated results for its investors and partners. www.gurnetpointcapital.com
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $166 billion in assets under management as of December 31, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
About XARACOLL
Xaracoll® (bupivacaine HCl) implant is a bioresorbable collagen implant providing postsurgical pain relief through the delivery of bupivacaine, a local anesthetic, at the surgical site. XARACOLL implant releases bupivacaine after placement at the surgical site through diffusion from the porous collagen implant, which dissolves over time. XARACOLL was approved in August 2020 by the US Food and Drug Administration (FDA). XARACOLL is a registered trademark of Innocoll Pharmaceuticals Limited.
Contacts
Media
Blair Hennessy
(212) 371-5999
bth@abmac.com
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