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Novan issues promissory note for EPI Health acquisition
Chicago, March 11 – Novan, Inc. bought EPI Health, LLC for $27.5 million, a purchase the was paid for with $11 million of cash and $16.5 million in the form of a secured promissory note to the seller, according to an 8-K filed with the Securities and Exchange Commission.
The note has interest-only payments over a 24-month term.
Interest starts at 5% for the first 90 days. It jumps to 15% for the next year and then 18% for the remainder of the term.
The non-amortizing principal is to be paid in full at maturity.
Security is in the form of membership interests of EPI Health.
There is no penalty if the note is prepaid.
Novan is a pharmaceutical company is based in Durham, N.C.
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