Morgan Stanley Provides Additional Financing for Auxilium
Auxilium Pharmaceuticals announced it entered into an Incremental Assumption Agreement with Morgan Stanley Senior Funding under its existing credit agreement with MSSF.
Under the agreement, the company raised an additional $50 million from a syndicate of lenders, and this additional amount is on terms consistent with its existing $225 million senior secured credit facility. The company expects to use these proceeds for general corporate purposes, including potential corporate development and licensing activities.
“This incremental agreement allows Auxilium to access additional capital at attractive financing rates and we believe this successful financing helps demonstrate investors’ continued confidence in our Company, our strategy and our future,” said Adrian Adams, chief executive officer and president of Auxilium Pharmaceuticals. “We remain focused on maximizing our existing portfolio of products, while maintaining flexibility to bring in additional products with a preference for late stage or marketed products that leverage our anchor positions in men’s healthcare or orthopedics.”