SOUTH SAN FRANCISCO, Calif. (AP) — Biotechnology company Exelixis Inc. said Thursday it entered two financing deals for a combined $160 million.
The company said it signed a deal with Silicon Valley Bank for a new seven-year term loan of about $80 million. It also signed a deal with Deerfield Management for $80 million through the issuance of senior secured notes maturing in five years.
The maximum principal amount of the secured notes is $124 million.
Exelixis expects to use the proceeds to finance the repayment of the remaining obligations under its loan from GlaxoSmithKline and to fund development activities.
Shares of Exelixis rose 31 cents, or 6.1 percent, to $5.41 in afternoon trading. The stock has traded between $4.25 and $8 over the last 52 weeks.