đź‘“At a Glance
Borrower: Marinus Pharmaceuticals
Lender: Sagard Healthcare Partners
Deal Size: $32.5 million
Structure: Secured revenue interest financing agreement w/ tiered payments on annual U.S. net sales of ganaxolone
Use of Proceeds: Finance continued commercial and R&D investment
Source: Press Release
đź“·Borrower Snapshot
Sector: Health Care
Subsector: Pharmaceuticals
Ownership: Public
Commercial Stage: Revenue generating; EBITDA (-) LTM
Business Overview: Marinus is a commercial-stage pharmaceutical company dedicated to the development of innovative therapeutics for seizure disorders. The Company’s commercial product, ZTALMY® (ganaxolone) oral suspension CV, has been approved by the U.S. FDA for the treatment of seizures associated with CDKL5 de ciency disorder in patients two years of age and older. The potential of ganaxolone is also being studied in other rare seizure disorders, including in Phase 3 trials in tuberous sclerosis complex and refractory status epilepticus. Ganaxolone is a neuroactive steroid GABAA receptor modulator that acts on a well-characterized target in the brain known to have anti-seizure e ects. It is being developed in IV and oral formulations to maximize therapeutic reach for adult and pediatric patients in acute and chronic care settings.
⚙️Structure & Terms
Source: SEC 10-Q
Investment Amount: $32.5 million
Tiered Repayment:
- Close - June 2026 - 7.50%
- September 2026 and onwards - 15% of first $100 million in annual net revenue; 7.50% of annual net revenue in excess of $100 million
Hard Cap: 190% of the investment amount ($65 million)
Minimum Amounts:
- 100% of Investment Amount by December 31, 2027
- 190% of Investment Amount by December 31, 2032
Call Option:
- Before 3rd anniversary - 160%
- After 3rd but before 4th anniversary - 180%
- After 4th anniversary - 190%
Fees:
None disclosed
Covenants:
- Minimum Liquidity
- $15 million until repayment of Oak Tree loans; $10 million thereafter
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