OPKO Health issues $250M senior secured notes due 2044, secured by NGENLA profit share payments from Pfizer

OPKO HEALTH, INC.

Notes bear interest at 3-month SOFR + 7.5% (floor 4%); interest-only for first 4 years.
No principal payments required before July 2028; principal repaid from NGENLA profit share payments.
Proceeds provide non-dilutive capital for R&D, including multispecific antibody programs, and potential share/convertible note repurchases.
Exit fee of 3% on repayment; make-whole provision up to 200% of principal if prepaid after year 5.
OPKO retains full benefit of up to $100M in remaining milestone payments from Pfizer for NGENLA.

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