The transaction was executed across multiple jurisdictions, with Kreos Capital based in the United Kingdom and Botanix’s borrowing entity located in the United States. Botanix is headquartered in Philadelphia and Phoenix (US) and listed on the Australian Securities Exchange.
The facility, valued at $48 million (USD30 million), is structured in two tranches: an initial tranche of $31 million (USD20 million) available immediately, and a further $15.5 million (USD10 million) available subject to certain conditions. The arrangement also includes a convertible warrant equity component.
The new debt facility will be available to Botanix for, among other things, the commercialisation of its lead product Sofdra™. Sofdra is the first and only new chemical entity approved by FDA to treat primary axillary hyperhidrosis (a medical condition characterised by excessive underarm perspiration) and presents a novel, safe and effective solution for patients who have lacked treatment options for this socially challenging medical condition.
Completion of this transaction highlights the ability of Gilbert + Tobin’s Corporate Advisory and Banking and Finance practices to support clients who are pursuing innovation in the healthcare and life sciences sectors and is a testament to the firm’s collaborative approach, drawing on expertise across a range of practice areas to deliver a seamless outcome for Botanix.
The G+T team was led by Dom McGreal and Sarah Turner with assistance from Elouise Dellit, Ryan Gava, Stephen Adrian, and Jason Duryea.
