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Biopharmaceutical company Exelixis repays term loan ahead of time
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Exelixis Inc. repaid its outstanding term loan with the Silicon Valley Bank.
The loan, initiated in 2010, was due for repayment May 31.
The repayment included $80 million in principal and about $60,000 in outstanding interest. The biopharmaceutical company also plans to extinguish more debt later this year by retiring a series of convertible secured notes.
The notes, issued to entities associated with Deerfield Management Company LP, are due July 1, 2018.