Firm Advises Pharming in Financing Agreement


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Hughes Hubbard & Reed represented biotech company Pharming Group NV in its $17 million debt financing agreement with Oxford Finance and Silicon Valley Bank.
 
The agreement was announced on July 20, 2015.
 
"The ability to attract this virtually non-dilutive growth capital financing on such favorable terms, from Oxford Finance and Silicon Valley Bank, represents an important validation of our business model, growth plans and financial stability," said Sijmen de Vries, Pharming's CEO. "The funding enables us to accelerate the growth of the business by simultaneously financing the working capital required to support manufacturing for the increasing Ruconest sales and our investments in additional indications for Ruconest, as well as the development of new products utilizing the strengths of our platform."
 
Ruconest, a prescription medication used for the treatment of acute attacks in adult and adolescent patients with Hereditary Angioedema, is among the innovative products Pharming Group is developing for the treatment of unmet medical needs.
 
Steve Greene and Serena Granger worked on this transaction.