Prometheus Laboratories Inc., a San Diego, CA-based pharmaceutical and diagnostic company, has completed a $260m senior secured credit facility.
The facility consists of a $210m term loan and a $50m revolving credit line.
Prometheus Laboratories, which develops and supplies novel pharmaceutical and diagnostic products that enable physicians to provide greater individualized patient care, is focused on the treatment, diagnosis and detection of gastrointestinal, autoimmune and inflammatory diseases and disorders.
The company will use to proceeds to finance therapeutic and diagnostic product acquisitions and refinance existing indebtedness.
Commenting on the financing, Joseph M. Limber, President and Chief Executive Officer of Prometheus, was reported as saying: “We are committed to the expansion of our integrated therapeutics and diagnostics business model.
“We believe our strategy provides physicians and patients access to meaningful products that ultimately enable greater individualized patient care.
“This credit facility gives us the additional financial leverage to accelerate the expansion of our pharmaceutical and diagnostic product portfolio in gastroenterology and oncology”, he added.
Lead arrangers for a syndicate of lenders in the financing were Bank of America Merrill Lynch and SunTrust Robinson Humphrey, Inc.