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Ropes & Gray Represents Blackstone in Strategic Financing Collaboration with Harmony Biosciences

Practices: Finance, Private Equity, Business Restructuring, Intellectual Property, Intellectual Property Transactions, Capital Markets, Life Sciences, FDA Regulatory, Health Care, Health Privacy & Security, Data, Privacy & Cybersecurity

Ropes & Gray advised Blackstone in a strategic financing collaboration with Harmony Biosciences Holdings, Inc., a pharmaceutical company developing and commercializing innovative therapies for patients with rare neurological diseases, where funds managed by Blackstone have agreed to provide Harmony with up to $330 million of financing and growth capital. The transaction was announced on August 10, 2021.

The Blackstone strategic financing collaboration with Harmony includes up to $300 million in debt capital and a $30 million equity investment in Harmony common stock. The $300 million of debt capital includes a senior secured term loan facility in aggregate original principal amount of $200 million, and a $100 million senior secured delayed draw term loan facility that is available to be drawn within 12 months of closing, subject to the terms of the facility. All of the proceeds from the initial $200 million term loan and the related sale of Harmony's common stock were used to pay off Harmony's existing debt facility, together with the payment of fees and expenses, resulting in a significantly lower cost of capital.

The Ropes & Gray team was led by finance partner Alyson Gal and IP transactions partner Melissa Rones (both of Boston) and included mergers & acquisitions partners Zach Blume and Michael Beauvais (both of Boston), life sciences regulatory & compliance partner Al Cacozza (Washington, D.C.), health care partner Eve Brunts (Boston), business restructuring partner Jim Wilton (Boston) and data, privacy & cybersecurity counsel Kevin Angle (Boston).

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