Akebia enters into $100 million non-dilutive term loan via Pharmakon

By Sarah Lizee

Olympia, Wash., Nov. 12 – Akebia Therapeutics, Inc. entered into a $100 million non-dilutive definitive term loan agreement with funds managed by Pharmakon Advisors LP, according to a press release.

The loans provide Akebia with up to $100 million of borrowing capacity available in two tranches.

Subject to the satisfaction of customary conditions, Akebia expects to draw $80 million at an initial closing later this month, and an additional tranche of $20 million is available for draw at Akebia’s option until Dec. 31, 2020.

The loan will be used to support the company’s clinical development program for vadadustat, an investigational oral hypoxia-inducible factor prolyl hydroxylase inhibitor (HIF-PHI) for the treatment of anemia due to chronic kidney disease (CKD), and other strategic goals.

The biopharmaceutical company is based in Cambridge, Mass.

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