10:02 AM EDT, 05/14/2024 (MT Newswires) -- Apellis Pharmaceuticals ( APLS ) said Tuesday it entered into a senior secured credit facility of up to $475 million with Sixth Street, with roughly $375 million financed at completion.

Under the terms, Apellis can draw a further $100 million before September 2025, the biopharmaceutical company added.

The new credit facility will mature on May 13, 2030, Apellis said.

The bulk of the net proceeds were utilized to buy out the current SFJ Pharmaceuticals development liability for about $326 million, eliminating $366 million in payments owed to SFJ by 2027, according to the company. Apellis will get roughly $32 million in net proceeds at closing, it said.

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