Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, announced it has entered into a five-year debt financing agreement with investment affiliates managed by SLR Capital Partners, LLC for a term loan facility of up to US$65 million. Under the terms of the agreement, Spectrum will have access to up to US$65 million in debt financing, divided into four tranches, the first of which was a US$30 million loan drawn upon closing on September 21, 2022. The remaining US$35 million will be made available in three additional tranches subject to the achievement of pre-specified regulatory and financial milestones.
Latham & Watkins LLP represented Spectrum Pharmaceuticals in the deal with a finance team led by Bay Area partner Haim Zaltzman, with Houston associates Benjamin Gelfand and Whitley Johnson. Advice was also provided on corporate matters by San Diego partner Teri O’Brien and New York partner Reza Mojtabee-Zamani, with New York associate Eric Rice; on tax matters by Los Angeles partner Eric Cho; on FDA regulatory matters by Washington, D.C. partner Ben Haas, with Washington, D.C. associate Meryl Bartlett; and on healthcare regulatory matters by Bay Area counsel Betty Pang.