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  • Replaces and repays the loan facility with Orbimed
  • Accelerates expansion of production and commercial capability including new territories reacquired from Sobi
  • Allows Pharming to extend its debt maturity profile through the period of development of its existing pipeline
  • Following the issue of the Bonds, Pharming will reduce its financing cost from over 13% to 3%

Leiden, The Netherlands, 14 January 2020: Pharming Group N.V. (“Pharming” or the “Company”) (Euronext Amsterdam: PHARM) announces today the placement of €125 million of senior unsecured convertible bonds due 2025 (the “Bonds”). The offer was fully subscribed. The Bonds were offered via an accelerated book building process through a private placement only to institutional investors outside the United States of America, Australia, South Africa and Japan.

The net proceeds of the issue of the Bonds will be used to redeem the approximately US$ 56 million loan with Orbimed Advisors in full, thereby reducing the Company’s financing costs and extending its debt maturity through the period to approval of most of the Company’s existing pipeline. The balance of the net proceeds will be used to support capital expenditure in relation to the expansion of the commercialisation and manufacturing infrastructure of the Company, and serve as funding for the launch of Pharming’s recently acquired Leniolisib product and for additional acquisitions/inlicensing opportunities.

“This is a superb new capital financing for Pharming, which does not dilute shareholders unless the share price increases significantly, and which represents the most cost efficient way to shareholders for the Company to refinance, enlarge and extend."

- Sijmen de Vries - CEO
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