On July 14, 2020, Santhera Pharmaceuticals Holding announced the closing of the first tranche of its financing arrangement with a fund managed by Highbridge Capital Management. The financing takes the form of senior secured exchangeable notes, exchangeable into shares in Santhera Pharmaceuticals Holding. The exchangeable notes make available up to CHF m in near-term liquidity to Santhera and is expected to provide a runway to advance the value-enhancing development and pre-commercialization activities for the neuromuscular compounds Puldysa and vamorolone. The exchangeable notes have a maximum term of 18 months and provide for a fixed interest at a rate of 12 per cent. per annum which may also be paid in kind at a rate of 13 per cent. per annum.
Baker McKenzie acted as lead and international counsel to Highbridge Capital Management. The team was led by partner Matthias Courvoisier (Capital Markets) and senior associate Philip Spoerlé (Capital Markets and Banking & Finance) and further comprised partner Khelin N. Aiken (Washington, FDA Regulatory and Compliance), partner Kathrin Marchant (Frankfurt, Banking & Finance), senior associates Yves Mauchle (Capital Markets), Julia Schieber (IP), counsel Andrea Bolliger (Tax), senior associate Marta Zuliamis (Banking & Finance), associate Jan Roethlisberger (Banking & Finance), junior associates Jan Lusti (Banking & Finance), Kristina Martinovic (Banking & Finance) and Fabienne Bretscher (IP).
As previously reported by Legalcommunity.ch, Homburger acted as legal and tax counsel to Santhera. The team was led by partners Dieter Gericke (Corporate / M&A) and Jürg Frick (Banking and Finance – pictured) and comprised Stefan Oesterhelt (Tax), counsel Eduard de Zordi (Banking and Finance), associates Daniel Häusermann (Corporate / M&A), David Borer, Alessandra Mengotti and Pierina Janett-Seiler (all Banking and Finance), junior associates Marisa Di Francesco (Banking and Finance) and Oliver Kneubühl (Corporate/ M&A).