AACHEN, Germany, Feb. 12, 2021
AACHEN, Germany, Feb. 12, 2021 /PRNewswire/ -- Grünenthal has announced the successful extension of its existing €535 million term loan bank facilities. This amendment was conducted in the broader context of the company's acquisition of the European rights (excluding Spain and the UK) to the lipid-lowering medication CRESTOR™ completed in February 2021. The term loan maturities are now aligned with Grünenthal's Revolving Credit Facility maturity, which further extends its debt maturity profile. More than 60 percent of Grünenthal's debt facilities now mature in 2024 or later.
"By extending the maturity of our financing, we have gained additional flexibility to further fund our growth strategy," says Fabian Raschke, Chief Financial Officer of Grünenthal. "We will continue to explore opportunities to further support our organic growth with targeted acquisitions, that fit our EBITDA and cash flows accretive acquisition strategy."
Grünenthal's capital structure has enabled it to enter into a series of acquisitions and partnerships in recent years. The company has signed transactions with a total value of more than US$ 1.7 billion since 2016. These include the global rights to Qutenza™ and the global (excluding Japan) rights to Zomig™, as well as the European rights to Nexium™ and global (excluding US and Japan) rights to Vimovo™, which is the biggest single investment in the company's history.
"These transactions are vital building blocks to support Grünenthal's strategy of generating deals that strengthen our financial performance and enable us to reinvest in pain research," explains Fabian Raschke.
Grünenthal is a global leader in pain management and related diseases. As a science-based, privately-owned pharmaceutical company, we have a long track record of bringing innovative treatments and state-of-the-art technologies to patients worldwide. Our purpose is to change lives for the better – and innovation is our passion. We are focusing all of our activities and efforts on working towards our vision of a world free of pain.
Grünenthal is headquartered in Aachen, Germany, and has affiliates in 29 countries across Europe, Latin America and the US. Our products are available in more than 100 countries. In 2019, Grünenthal employed around 4,700 people and achieved sales of € 1.4 bn.
More information: www.grunenthal.com
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Fabia Kehren, Head External Communications & Editorial Management
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Grünenthal GmbH, 52099 Aachen, Germany