Mineralys Therapeutics Repurchases $200M Royalties, Secures $500M Debt and $150M Equity
MLYS•Mineralys Therapeutics repurchased future royalty obligations for lorundrostat under its Tanabe license by paying $200 million upfront plus up to $100 million in commercial milestones, securing full IP rights. Concurrently, the company closed $100 million of a $500 million senior secured term loan and priced a $150 million common stock offering.
1. Royalty Repurchase Deal
Mineralys Therapeutics agreed to extinguish all future royalty payments to Tanabe Pharma for lorundrostat by paying $200 million upfront and up to $100 million upon achieving specified commercial milestones. This transaction covers aggregate potential milestone payments of up to $265 million and transfers full intellectual property rights for lorundrostat to Mineralys.
2. Debt Facility Structure
The company entered into a five-year senior secured term loan facility of up to $500 million with funds managed by Pharmakon Advisors, LP, bearing interest at SOFR (with a 3.25% floor) plus a 5.50% margin. The first tranche of $100 million was funded at closing, with remaining drawdowns subject to customary conditions through June 2031.
3. Common Stock Offering
In a separate financing, Mineralys priced an underwritten offering of approximately $150 million of common stock to bolster its balance sheet and fund ongoing development of lorundrostat, enhancing liquidity and supporting future clinical and commercial activities.
