Annexon sets up $200 million loan facility with Oxford Finance
The biopharma company drew $50 million at closing, with more available as its two late-stage programs hit certain milestones.
Annexon, Inc. (Nasdaq: ANNX) said on July 30, 2026 that it had entered into a strategic credit facility agreement with Oxford Finance LLC for up to $200 million. The company described the deal as expanding its financial capacity as its vonaprument and tanruprubart programs advance toward registration.1
According to the related 8-K, Annexon and Oxford Finance, acting as collateral agent, along with other lenders, signed a Loan and Security Agreement effective July 30, 2026, providing for term loans in an aggregate principal amount of up to $200.0 million.1 The lenders agreed to fund the loans in multiple tranches: an initial $50.0 million tranche disbursed at signing, three further tranches totaling up to $100.0 million tied to specified milestones, and one additional uncommitted tranche of up to $50.0 million contingent on mutual agreement between the company and lenders.1 Annexon said the funds may go toward working capital and general business needs.1
The loans carry a floating annual interest rate set at the greater of one-month CME Term SOFR plus 4.6% or 7.60%.1 Maturity falls on July 1, 2031 or June 1, 2032, depending on whether certain milestones are met.1 The company is on an interest-only payment schedule initially, with that period able to stretch depending on milestone achievement, after which principal and interest payments begin, per the filing. Annexon may prepay the loans in whole or in part, subject to customary fees, and also owes other standard charges including a final payment fee due at repayment, whether at maturity, acceleration, or prepayment.1
The agreement carries customary representations, warranties, and covenants, including financial covenants requiring the company to maintain certain liquidity or revenue levels under specified conditions, along with standard default triggers that could accelerate repayment; Annexon also granted the collateral agent a security interest in substantially all of its assets.1
Annexon CEO Douglas Love called the facility a way to enhance financial and operational capabilities as the company prepares for potential global commercialization of vonaprument and tanruprubart.1
Written by readthrough’s AI from the linked primary sources and fact-checked against them automatically before publishing. Not investment advice.