Cara Therapeutics secures up to $40M non-dilutive royalty financing with HealthCare Royalty

Tvardi Therapeutics, Inc.

Upfront cash payment of $17.5M; up to $20M additional if Kapruvia gets a German price threshold in Q4 2023.
Up to $2.5M more if KORSUVA meets a 2024 Japan sales milestone; total potential proceeds $40M.
Cash runway expected to extend into 2025; proceeds fund late-stage oral difelikefalin trials for pruritus.
Royalties to HCRx are capped at 2.0x payments if received by end-2029, else 2.8x; royalties revert to Cara thereafter.
Excluded: U.S. KORSUVA injection rights and all oral difelikefalin internal programs.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Tvardi Therapeutics, Inc. entered into Purchase and Sale Agreement with HCRX Investments Holdco, L.P. and Healthcare Royalty Partners IV, L.P. (collectively, HCR) valued at up to $40 million (effective 2023-11-01).

Action: entry
Agreement: asset purchase
Counterparty: HCRX Investments Holdco, L.P. and Healthcare Royalty Partners IV, L.P. (collectively, HCR)
Value: up to $40 million
Effective: 2023-11-01

Exact text from the filing

On November 1, 2023 (the " Closing Date "), Cara Therapeutics, Inc. (the " Company "), through its wholly-owned subsidiary Cara Royalty Sub, LLC, a Delaware limited liability company (" Royalty Sub "), entered into a Purchase and Sale Agreement (the " Purchase and Sale Agreement ") with HCRX Investments Holdco, L.P., a Delaware limited partnership (" HCRx "), and Healthcare Royalty Partners IV, L.P., a Delaware limited partnership (collectively with HCRx, " HCR ").

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Tvardi Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-113580

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