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Monday, November 14, 2022 7:50:43 AM
https://finance.yahoo.com/news/redhill-biopharma-reaches-agreement-principle-110000642.html
TEL AVIV, Israel and RALEIGH, N.C., Nov. 14, 2022 /PRNewswire/ -- RedHill Biopharma Ltd. (Nasdaq: RDHL) ("RedHill" or the "Company"), a specialty biopharmaceutical company, today announced that it has reached a non-binding agreement in principle with HCR Collateral Management, LLC ("HCR") with respect to the terms of a transfer of RedHill's rights in Movantik® (naloxegol) to HCR in exchange for the extinguishment of all RedHill's obligations (including all principal, interest, revenue interest, prepayment premiums and exit fees) under the Credit Agreement between RedHill's U.S. subsidiary RedHill Biopharma Inc. and HCR dated as of February 23, 2020 (as amended). RedHill would retain substantially all pre-closing liabilities relating to Movantik and HCR would assume substantially all post-closing liabilities. It is expected that RedHill would provide transition services to HCR to ensure a seamless process so that patient care will not be interrupted. Subject to certain approvals, the definitive agreements are expected to be signed and the transaction is expected to close by year-end, but there can be no assurance that the parties will enter into definitive agreements or that the transaction will be completed.
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