Healthcare Industry News: personalized medicine
News Release - January 7, 2010
Prometheus Completes $260 Million Financing
Proceeds to be used for therapeutic and diagnostic product acquisitionsSAN DIEGO, Jan. 7 -- (Healthcare Sales & Marketing Network) -- Prometheus Laboratories Inc., a specialty pharmaceutical and diagnostic company, today announced that it has executed a $260 million senior secured credit facility. The credit facility consists of a $210 million term loan and a $50 million revolving credit line. The proceeds will be used to finance therapeutic and diagnostic product acquisitions and refinance existing indebtedness.
"We are committed to the expansion of our integrated therapeutics and diagnostics business model," said Joseph M. Limber, President and Chief Executive Officer of Prometheus. "We believe our strategy provides physicians and patients access to meaningful products that ultimately enable greater individualized patient care. This credit facility gives us the additional financial leverage to accelerate the expansion of our pharmaceutical and diagnostic product portfolio in gastroenterology and oncology."
Bank of America Merrill Lynch and SunTrust Robinson Humphrey, Inc. acted as lead arrangers for a syndicate of lenders in the financing.
About Prometheus
Prometheus Laboratories Inc. is committed to improving lives through the development and commercialization of novel pharmaceutical and diagnostic products that enable physicians to provide greater individualized patient care. Prometheus is a leader in applying the principles of personalized medicine to the diagnosis and treatment of gastrointestinal diseases and is applying these principles to oncology. Its strategy includes the marketing and delivery of pharmaceutical products complemented by proprietary diagnostic testing services. By integrating therapeutics and diagnostics, Prometheus believes it can provide physicians with a comprehensive solution to treat chronic diseases. Prometheus' corporate offices are located in San Diego, California.
Source: Prometheus Laboratories
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