RedHill Biopharma Ltd., a specialty biopharmaceutical company, announced on July 22, 2024, the successful signing of a Global Termination Agreement with Movantik Acquisition Co., Valinor Pharma, LLC, and HCR Redhill SPV, LLC. The Agreement resulted in RedHill receiving approximately $9.9 million in cash and gaining control over an additional $0.74 million from a restricted account. This transaction led to an increase in liabilities by approximately $12.2 million, reflecting assumed and settled liabilities, but ultimately reduced the company's net balance sheet by about $2.3 million. Additionally, the Agreement terminated all existing credit ties with the parties involved, removed the lien against RedHill's drug Talicia®, and restored control of cash collections to the company. RedHill's CFO, Razi Ingber, expressed satisfaction with the outcome, highlighting the...Show More

RedHill Biopharma Ltd., a specialty biopharmaceutical company, announced on July 22, 2024, the successful signing of a Global Termination Agreement with Movantik Acquisition Co., Valinor Pharma, LLC, and HCR Redhill SPV, LLC. The Agreement resulted in RedHill receiving approximately $9.9 million in cash and gaining control over an additional $0.74 million from a restricted account. This transaction led to an increase in liabilities by approximately $12.2 million, reflecting assumed and settled liabilities, but ultimately reduced the company's net balance sheet by about $2.3 million. Additionally, the Agreement terminated all existing credit ties with the parties involved, removed the lien against RedHill's drug Talicia®, and restored control of cash collections to the company. RedHill's CFO, Razi Ingber, expressed satisfaction with the outcome, highlighting the enhancement of the company's cash management capabilities and the removal of encumbrances related to previous agreements. The company emphasized that this development allows for a greater focus on R&D and commercial activities, aiming to return to growth. RedHill Biopharma is known for promoting gastrointestinal drugs such as Talicia® and Aemcolo®, and has several key late-stage development programs in its pipeline.