Ropes & Gray represented KKR's HealthCare Royalty and funds managed by Blackstone in a five-year term loan facility for Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM). The transaction allows Rhythm to access up to $750 million of capital, of which $500 million is committed. The transaction was announced on Nov. 2.
Rhythm will use the proceeds to support its amended global exclusive license agreement with LG Chem, Ltd. for bivamelagon, an investigational oral MC4R agonist, as well as its ongoing global commercialization efforts and R&D programs.
HealthCare Royalty is a royalty acquisition company founded in 2006 that is majority owned by KKR & Co. Inc. (NYSE: KKR).
Blackstone is the world's largest alternative asset manager with nearly $1.4 trillion in assets under management.
The team included finance partners Milap Patel and Sam Badawi and life sciences partners Melissa Rones and Hannah England.
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