Jazz Pharmaceuticals Public Limited Company, Jazz Securities Limited, Jazz Pharmaceuticals, Inc., Jazz Financing I Limited, and Jazz Pharmaceuticals Ireland Limited, Enter into A Credit Agreement
Jun 18 15
On June 18, 2015, Jazz Pharmaceuticals Public Limited Company, (Jazz Pharmaceuticals), Jazz Securities Limited, (the Lead Borrower), Jazz Pharmaceuticals, Inc. (the U.S. Borrower), Jazz Financing I Limited, (Jazz Financing) and Jazz Pharmaceuticals Ireland Limited, (Jazz Ireland and together with the Lead Borrower, the U.S. Borrower and Jazz Financing, the Borrowers and each, a Borrower), entered into a Credit
Agreement (the Credit Agreement) with the lenders from time to time party thereto and Bank of America, N.A., as Collateral Agent (in such capacity, the Collateral Agent), Administrative Agent, Swing Line Lender and L/C Issuer. The Credit Agreement provides for (i) a five-year $750 million term loan facility (the Term Loan Facility), which was drawn in full at closing, and (ii) a five-year revolving credit facility of $750 million (the
Revolving Credit Facility), of which $160 million was drawn at closing. The Revolving Credit Facility includes a $25 million swing line loan subfacility and a $25 million letter of credit subfacility. The Lead Borrower used the proceeds from initial borrowings under the Credit Agreement to repay loans under that certain Credit Agreement, dated as of June 12, 2012, among the U.S. Borrower, Jazz Pharmaceuticals, certain subsidiaries of Jazz Pharmaceuticals party thereto, the lenders party thereto and Barclays Bank PLC, as administrative agent, collateral agent, letter of credit issuer and swing line lender (the Existing Credit Agreement), and to pay related fees and expenses. The Borrowers expect to use future loans under the Revolving Credit Facility, if any, for general corporate purposes, including potential business development activities. Upon the repayment of loans under the Existing Credit Agreement, the Existing Credit Agreement was terminated. Loans under the Term Loan Facility and Revolving Credit Facility bear interest, at the applicable Borrower's option, at a rate equal to either (a) the LIBOR rate, plus an applicable margin ranging from 1.50% to 2.25% per annum, based upon the secured leverage ratio (as defined in the Credit Agreement), or (b) the prime lending rate, plus an applicable margin ranging from 0.50% to 1.25% per annum, based upon the secured leverage ratio (as defined in the Credit Agreement). The Borrowers' obligations under the Credit Agreement and any hedging or cash management obligations entered into with a lender are guaranteed by Jazz Pharmaceuticals and each of Jazz Pharmaceuticals' existing and subsequently acquired or organized direct and indirect subsidiaries (other than, among other exceptions, certain immaterial subsidiaries, subsidiaries whose guarantee would result in material adverse tax consequences and subsidiaries whose guarantee is prohibited by applicable law). Jazz Pharmaceuticals, the Borrowers and such guarantors are collectively referred to in this Current Report on Form 8-K as the Loan Parties. The Loan Parties' obligations under the Credit Agreement are secured, subject to customary permitted liens and other agreed upon exceptions, by a perfected security interest in (a) all tangible and intangible assets of the Loan Parties, except for certain excluded assets, and (b) all of the equity interests of the subsidiaries of the Loan Parties held by the Loan Parties (limited, in the case of the voting equity interests of certain foreign subsidiaries and certain domestic subsidiaries that hold no assets other than equity interests of foreign subsidiaries, to 65% of the voting equity interests of such subsidiaries).
Aytu BioScience, Inc. Acquires the Rights to Prostascint from Jazz Pharmaceuticals plc
Jun 10 15
Aytu BioScience Inc., has entered into an agreement to acquire the rights to ProstaScint(R), an imaging agent used to detect the extent and spread of prostate cancer that is marketed in the US, from Jazz Pharmaceuticals plc. ProstaScint is a murine monoclonal antibody conjugated to a linker-chelator that targets Prostate Specific Membrane Antigen (PSMA), a glycoprotein expressed by the prostate epithelium. The transaction will enable Aytu to expand its footprint in urology and advance its pipeline of therapeutics and diagnostics.
Jazz Pharmaceuticals Public Limited Company Announces First Patients Enrolled in A Phase 3 Clinical Development Program
Jun 8 15
Jazz Pharmaceuticals Public Limited Company announced that the first patients have been enrolled in a Phase 3 clinical development program evaluating the safety and efficacy of its investigational drug candidate, JZP-110, as a wake-promoting agent in the treatment of excessive daytime sleepiness (EDS) in adult patients with narcolepsy or with obstructive sleep apnea (OSA). The JZP-110 clinical development program includes three Phase 3 studies being conducted in the United States (U.S.), Canada and the European Union (EU). The program also includes an open-label extension study to evaluate the long-term safety of JZP-110. Clinical Program Study Design: Approximately 880 patients in the aggregate are expected to be enrolled in the three Phase 3 studies to be conducted across 67 medical centers in the U.S., Canada and EU. The co-primary endpoints for all three Phase 3 clinical studies the Maintenance of Wakefulness Test (MWT) and the Epworth Sleepiness Scale (ESS) will measure patients' improvement in ability to stay awake and in sleepiness. Up to 450 patients are expected to be enrolled in the open-label, long-term safety extension study. Study 14-002: A 12-week, double-blind, randomized, placebo-controlled, multi-center, four-treatment paralle group study of the safety and efficacy of JZP-110 in the treatment of EDS in adult patients with narcolepsy. Study 14-003: A 12-week double-blind, placebo-controlled, randomized, multi-center study of the safety and efficacy of JZP-110 in the treatment of EDS in adult patients with OSA. Study 14-004: A six-week, double-blind, placebo-controlled, randomized-withdrawal, multi-center study of the safety and efficacy of JZP-110 in the treatment of EDS in adult patients with OSA. Study 14-005: A long-term (52 week) open-label safety and maintenance of efficacy study of JZP-110 in the treatment of EDS in adult patients with narcolepsy or with OSA to assess the long-term safety and maintenance of efficacy in patients.