Pharming completes rights offering, private placement, debt financing and convertible bond financings

Pharming said it closed on €104 million ($110.6 million) in concurrent financings. The company raised €5.9 million ($6.3 million) through the sale of 28.7 million shares at €0.21 in a rights offering. Shareholders received one subscription right for each share held, and seven rights entitled investors to purchase one share. Pharming raised €2.9 million ($3.1 million) through the sale of 14.3 million shares represented by unexercised rights at the same price in a private placement to institutional investors, which also received five-year warrants to purchase up to 2.6 million shares at €0.28.

Pharming also secured a 42-month, €37.6 million ($40 million) debt facility from Silicon Valley Bank and Kreos Capital. The debt bears 8.25%, with a final 9% payment upon maturity. The lenders also received five-year warrants to purchase up to 13.2 million shares at €0.28...