horizon pharma plc (HZNP) Key Developments
Horizon Pharma and its Affiliates Sign Settlement and License Agreement with Perrigo and Paddock Laboratories
May 12 15
Horizon Pharma and its affiliates, have signed a settlement and license agreement with Perrigo Company and its subsidiary, Paddock Laboratories, collectively. According to the settlement and license agreement, Horizon has granted Perrigo the non-exclusive right to market a generic diclofenac sodium topical 2% w/w solution in the United States under Perrigo's Abbreviated New Drug Application, starting 10 January 2029 or earlier under certain circumstances.
Horizon Pharma plc Enters into a Credit Agreement
May 11 15
On May 7, 2015, Horizon Pharma plc and certain of its subsidiaries entered into a credit agreement with Citibank, N.A., as administrative and collateral agent, and the lenders from time to time party thereto providing for a five-year $400.0 million term loan facility; an uncommitted accordion facility subject to the satisfaction of certain financial and other conditions; and one or more uncommitted refinancing loan facilities with respect to loans thereunder. The initial borrower under the 2015 Term Loan Facility is HPI. The credit agreement allows for the company and certain other subsidiaries of the company to become borrowers under the accordion or refinancing facilities. Loans under the 2015 term loan facility bear interest, at each borrower's option, at a rate equal to either the LIBOR, plus an applicable margin of 3.5% per year (subject to a 1.0% LIBOR floor), or the prime lending rate, plus an applicable margin equal to 4.5% per year. The company borrowed the full $400.0 million available under the 2015 term loan facility on May 7, 2015 as a LIBOR-based borrowing. The company is permitted to make voluntary prepayments of the loans under the 2015 term loan facility at any time without payment of a premium, except that a 1% premium would apply to a repayment of the loans under the 2015 term loan facility in connection with a repricing of, or any amendment to the 2015 term loan facility in a repricing of, the loans under the 2015 term loan facility effected on or prior to the date that is six months following May 7, 2015.
Horizon Pharma plc Names Brian K. Beeler as General Counsel
May 8 15
Horizon Pharma plc named Brian K. Beeler as general counsel, reporting directly to Timothy P. Walbert, chairman, president and chief executive officer, effective immediately. Beeler has also joined the company's Executive Committee. Beeler joined Horizon Pharma in 2013 as associate general counsel and chief compliance officer and was promoted to senior vice president, legal and chief compliance officer in January 2015.
Horizon Pharma, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Revises Earnings Guidance for the Full Year 2015
May 8 15
Horizon Pharma Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net sales of $113,141,000 against $51,926,000 a year ago. Operating income was $4,764,000 against $1,587,000 a year ago. Loss before benefit for income taxes was $17,640,000 against $207,355,000 a year ago. Net loss was $19,553,000 or $0.16 per basic and diluted share against $206,250,000 or $3.07 per basic and diluted share a year ago. Adjusted Non-GAAP net income was $27,924,000 or $0.21 per diluted share against $10,984,000 or $0.13 per diluted share a year ago. Adjusted Non-GAAP Net Income (Net of Royalties) was $22,728,000 or $0.17 per diluted share against $7,635,000 or $0.09 per diluted share a year ago. EBITDA was $16,791,000 against LBITDA of $197,907,000 a year ago. Adjusted EBITDA was $37,663,000 against $12,099,000 a year ago. Net cash used in operating activities was $70,739,000 against $757,000 a year ago. Purchase of property and equipment was $1,577,000 against $494,000 a year ago. Non-GAAP cash used in operating activities was $63,223,000 against non-GAAP cash provided by operating activities of $4,338,000 for the same period a year ago.
The company raised its 2015 full-year guidance. For the year 2015, the company now expects net sales to be in the range of $590 to $610 million, adjusted EBITDA to be in the range of $257 to $272 million and adjusted EBITDA net of royalties to be in the range of $235 to $250 million against the company previous forecast of net sales to be in the range of $450 to $475 million, adjusted EBITDA to be in the range of $170 to $190 million.
Horizon Pharma Public Limited Company Announces Executive Changes
May 7 15
On May 7, 2015, Horizon Pharma Public Limited Company's board of directors appointed Miles W. McHugh to replace Paul W. Hoelscher as its principal accounting officer. Mr. Hoelscher is continuing to serve as its principal financial officer. Mr. McHugh joined the companyin December 2014 as senior vice president and chief accounting officer.