Mineralys terminates lorundrostat royalties, secures up to $500M debt facility

Mineralys Therapeutics, Inc.

Amended Tanabe license: $200M one-time payment; royalties eliminated; license perpetual; up to $365M in milestones remain.
Secured $500M senior secured loan; $100M drawn; further tranches tied to FDA approval and net sales.
Loan matures 2031; interest SOFR+5.5% (floor 3.25%); secured by all assets including IP.
Change of control would accelerate $100M new milestone payments.

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

Mineralys Therapeutics, Inc. entered into Senior Secured Term Loan Agreement with BioPharma Credit PLC valued at Up to $500,000,000 in term loans (effective 2026-06-02).

Action: entry
Agreement: credit facility
Counterparty: BioPharma Credit PLC
Value: Up to $500,000,000 in term loans
Effective: 2026-06-02

Exact text from the filing

On June 2, 2026 (the “Closing Date”), the Company entered into a senior secured term loan agreement (the “Loan Agreement”) with BioPharma Credit PLC, as collateral agent (the “Agent”), and each of BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon Advisors, LP, as lenders.

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Source: SEC EDGAR

accession 0001628280-26-040024

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